Resolution Approving Fund Transfers for Parking Operating and Capital DeficitCity of Dubuque
City Council Meeting
Consent Items # 5.
Copyrighted
September 20, 2021
ITEM TITLE: Resolution Approving Fund Transfers for Parking Operating and Capital
Deficit
SUMMARY: City Manager recommending approval of the suggested proceedings
approving a transfer of funds from the Greater Downtown Tax Increment
Financing Special Revenue Fund to the Parking Operating and Capital
Funds for the deficits caused by COVI D-19 in Fiscal Years 2020 and
2021.
RESOLUTION Authorizing the Director of Finance and Budget to make
the appropriate interfund transfers of sums and record the same in the
appropriate manner for the FY 2021 for the City of Dubuque, Iowa
SUGGESTED Suggested Disposition: Receive and File; Adopt Resolution(s)
DISPOSITION:
ATTACHMENTS:
Description Type
Resolution Approving Fund Transfers for Parking City Manager Memo
Operating and Capital Deficit-MVM Memo
Staff Memo Staff Memo
Resolution Resolutions
THE CITY
DUOF
B TEE
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
Dubuque
All -America City
IN
2007.2012.2013
2017*2019
SUBJECT: Resolution Approving Fund Transfers for Parking Operating and Capital
Deficit
DATE: September 16, 2021
Director of Finance and Budget Jennifer Larson recommends City Council approval of
the suggested proceedings approving a transfer of funds from the Greater Downtown
Tax Increment Financing Special Revenue Fund to the Parking Operating and Capital
Funds for the deficits caused by COVID-19 in Fiscal Years 2020 and 2021.
In Fiscal Year 2020 and 2021, $1,682,395.17 in Parking deficits were incurred through
June 30, 2021, due to COVID-19 and it is recommended to transfer from the Greater
Downtown Tax Increment Financing Special Revenue Fund to eliminate the deficit.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
v
Mic ael C. Van Milligen
MCVM:sv
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jennifer Larson, Director of Finance and Budget
THE CITY OF
DUB E
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Director of Finance and Budget
Dubuque
AII•Anift Ci4
2007-2012.2013
2017*2019
SUBJECT: Resolution Approving Fund Transfers for Parking Operating and Capital
Deficit
DATE: September 16, 2021
INTRODUCTION
The purpose of this memorandum is to recommend approval of the fund transfers for
Fiscal Year 2021 resolution.
BACKGROUND
Iowa Administrative Rules Code 545-2.5(5), which implements Iowa Code Section
384.18, was amended to require that all transfers of moneys from one budgeted fund to
another budgeted fund must be approved by a resolution beginning April 13, 2019. The
transfer resolution must include the following items:
1. Statement of where the money is coming from and going to.
2. The exact amount of money being transferred.
3. A clearly stated reason why the transfer is being made.
These resolution items will also need to be included as part of the budget adoption
resolution passed each March if transfers are shown in the adopted budget. For utility
surplus transfers, as defined in Administrative Rules Code 545-2.5(5), a clear
calculation proving the existence of the proposed surplus in the utility must also be
included in the transfer resolution.
DISCUSSION
Capital projects and other obligations have transfers budgeted from other funds.
Throughout the fiscal year, funds are transferred to reimburse these obligations. The
total transfer requested from the Greater Downtown Tax Increment Financing Special
Revenue Fund to the Parking Operating and Capital Funds through June 30, 2021, is
$1,682,395.
The cash balance in the Greater Downtown Tax Increment Financing Special Revenue
Fund is not robust enough to support all the $1,682,395 transfer to the Parking
Operating and Capital funds. As a result, $1.39 million in capital projects previously
scheduled for cash funding from the Greater Downtown TIF fund in Fiscal Year 2022
must be funded with bond proceeds until additional analysis can be completed.
Additional analysis will be completed to determine if the additional $1.39 million in debt
can be reduced or eliminated. Reductions in the use of debt could be possible by
looking at the use of $800,000 in excess general fund balance and the potential delay or
cancelation of other projects.
To ensure that the amount of debt issued is less than the amount of the debt retired in
Fiscal Year 2022, $1.4 million of the debt for the New Downtown Parking Ramp will be
moved from Fiscal Year 2022 to Fiscal Year 2023.
RECOMMENDATION
I respectfully recommend the adoption of the enclosed resolution approving the transfer
of funds for the parking operating and capital fund deficit.
JML
2
Prepared by Jennifer Larson, Director of Finance and Budget 50 W. 1P St., Dubuque IA 52001 (563) 589-4322
Return to Adrienne N. Breitfelder, City Clerk, 50 W. 131, St., Dubuque, IA 52001, (563) 589-4100
RESOLUTION NO. 314-21
A RESOLUTION AUTHORIZING THE DIRECTOR OF FINANCE AND BUDGET TO
MAKE THE APPROPRIATE INTERFUND TRANSFERS OF SUMS AND RECORD
THE SAME IN THE APPROPRIATE MANNER FOR THE FY 2021 FOR THE CITY OF
DUBUQUE, IOWA
Whereas, Iowa Administrative Rules Code Section 545-2.5(5) implements Iowa Code
Section 384.18 and provides that the City Council shall approve all transfers of moneys from
one budgeted fund to another budgeted fund as provided in Iowa Administrative Rules Code
Section 545-2.5(5).
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. Authorize the Director of Finance and Budget to Transfer Funds. That the
Director of Finance and Budget be and is hereby authorized by the City Council to make the
appropriate interfund transfer of sums and record the same in the appropriate manner for FY
2021.
Section 2. Transfer of Funds. That the Director of Finance and Budget will transfer the
following sums and to record the same in the appropriate manner:
1. Transfer from the Greater Downtown Tax Increment Financing Special
Revenue Fund to the Parking Operating Fund $635,788.16 to fund the Fiscal
Year 2020 and 2021 deficit caused by COVID-19.
2. Transfer from the Greater Downtown Tax Increment Financing Special
Revenue Fund to the Parking Construction Fund $1,046,607.01 to fund the
Fiscal Year 2020 and 2021 deficit caused by COVID-19.
Passed, approved and adopted this 20th day of September 2021.
Danny C. S aCk,lMay� oTern
Attest:
i
Adrienne N. -.-