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L <br />COUNCIL COMMUNICATION <br />Initiated by DEPARTMENT OF FINANCIAL SERVICES <br />Action Proposed APPROVE TRANSFER OF CONTINGENCY FUNDS <br />Presented by SHARON ASTI-CARANCI <br />AGENDA DESCRIPTION <br />Each year during the budget process, City Council establishes a <br />reserve fund equal to six percent (6%) of the General Fund operating <br />revenues and appropriates this amount in the Council's budget, <br />classified as contingency. Any use of these funds requires City <br />Council approval, and may be used to provide additional funds for <br />unexpected service needs for any of the various spending agencies <br />within the General Fund. <br />Attached please find a breakdown of the proposed uses of these <br />contingency funds. This breakdown of contingency fund use was <br />discussed in detail by the City's Finance Committee on Thursday. Bob <br />Szymanski, Chairman of the Finance Committee, will discuss the <br />Committee's recommendations. <br />LEGAL OPINION <br />FINANCIAL DETAILS <br />For the 1986 Budget, City Council appropriated $158,352 in contingency <br />funds consistent with Fical Policy #28. <br />SUGGESTED ACTION OR RECOMMENDATIONS <br />City staff and the Finance Committe recommend Council approve <br />allocating $117,024 from the contingency fund for the purpose outlined <br />in the attached breakdown. <br />DATE <br />12-12-86 <br />SUBJECT <br />USE OF 1986 CONTINGENCY FUNDS <br />AGENDA ITEM <br />41 <br />