City of Racine - File #: 0863-21

• File #: 0863-21
• Version: A
• Type: Communication
• Status: Passed
• File created: 10/21/2021
• In control: Committee of the Whole
• Final action: 11/2/2021
• Title: Subject: Communication sponsored by Mayor Mason on behalf of the Finance Director to allocate any unassigned General Fund Balance in excess of 30% of the subsequent year’s expenditures, if any, shall be assigned to the Budget Stabilization reserve account on an annual basis subsequent to Audit Review. Resolution 0273-17, dated August 2, 2017, is amended only to the extent that any unassigned General Fund Balance that is in excess of 25%, but no more than 30%, of the subsequent year’s expenditures shall be assigned to the Wage and Benefit Provision account on an annual basis subsequent to Audit Review. Staff Recommendation: To approve allocating allocate any unassigned General Fund Balance in excess of 30% of the subsequent year’s expenditures, if any, shall be assigned to the Budget Stabilization reserve account on an annual basis subsequent to Audit Review. And to approve amending Resolution 0273-17 as requested Recommendation of the Committee of the Whole on 11-01-2021: To Approve ...

Date	Ver.	Action By	Action	Result
11/2/2021	A	Common Council	Approved	Pass
11/1/2021	A	Committee of the Whole	Recommended For Approval
10/28/2021	A	Committee of the Whole	Deferred
10/26/2021	A	Committee of the Whole	Deferred
10/25/2021	A	Committee of the Whole	Deferred

Title

Subject: Communication sponsored by Mayor Mason on behalf of the Finance Director to allocate any unassigned General Fund Balance in excess of 30% of the subsequent year’s expenditures, if any, shall be assigned to the Budget Stabilization reserve account on an annual basis subsequent to Audit Review. Resolution 0273-17, dated August 2, 2017, is amended only to the extent that any unassigned General Fund Balance that is in excess of 25%, but no more than 30%, of the subsequent year’s expenditures shall be assigned to the Wage and Benefit Provision account on an annual basis subsequent to Audit Review.

Staff Recommendation: To approve allocating allocate any unassigned General Fund Balance in excess of 30% of the subsequent year’s expenditures, if any, shall be assigned to the Budget Stabilization reserve account on an annual basis subsequent to Audit Review. And to approve amending Resolution 0273-17 as requested

Recommendation of the Committee of the Whole on 11-01-2021: To Approve

Fiscal Note: Calculation and allocation will be done by the Finance Director annually post audit.