Fund Balance Policy - Transfer CalculationCity of Otsego
Fund Balance Policy
General Fund Transfer
2017
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Calculation Comments
2017 General Fund Budget 5,040,565 Resolution 2016-102
Minimum Fund Balance
2,268,254 The City's Fund Balance states that the minimum General Fund Balance should be 45% of the subsequent year budget.
2016 Ending Fund Balance 3,646,202 Per Audited Financial Statements
(172,408) Less: Fund Balance from Insurance Reserve Fund (#204) - Grouped with General for Financial Reporting
(20,000) Less: Fund Balance from Educational Programming Fund (#215) - Grouped with General for Financial Reporting
(110,973) Less: Nonspendable Fund Balance - Financial Reporting Requirement - Funds actually have alredy been expended.
3,342,821 Fund Balance Available (Unassigned)
Excess 1,074,567 Presented to City Council for Consideration
Calculation Comments
2018 General Fund Budget 5,381,021 Preliminary
Minimum Fund Balance 2,421,459 The City's Fund Balance states that the minimum General Fund Balance should be 45% of the subsequent year budget.
2016 Ending Fund Balance 3,646,202 Per Audited Financial Statements
(172,408) Less: Fund Balance from Insurance Reserve Fund (#204) - Grouped with General for Financial Reporting
(20,000) Less: Fund Balance from Educational Programming Fund (#215) - Grouped with General for Financial Reporting
(110,973) Less: Nonspendable Fund Balance - Financial Reporting Requirement - Funds actually have alredy been expended.
3,342,821 Fund Balance Available (Unassigned)
Excess 1 921,362 Presented to City Council for Consideration
U:\Budget\2018\Calculation of Fund Balance Policy Transfers 2017