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REQUEST FOR CITY COUNCIL AGENDA ITEM <br />Agenda Date Requested: March 22, 2004 <br />Requested By: Michael Dolby, Asst Director of Finance <br />C <br />Department: FINANCE <br />Report: Resolution: Ordinance: <br />Exhibits: <br />Exhibits: <br />Source of Funds: General Fund <br />Account Number: Fund Balance <br />Amount Budgeted: <br />Amount Requested: $300,000 <br />Budgeted Item: YES NO <br />SUMMARY & RECOMMENDATION <br />The City of La Porte is planning to purchase land for future economic development from the Neighborhood Center Inc in <br />the amount of $550,000 dollars. At this time, the Community Investment Fund does not have sufficient funds to purchase <br />this land; consequently, we are requesting a transfer from the General Fund of $300,000 to assist in the procurement of the <br />land acquisition. Historically, the Community Investment Fund receives the lion's share of its revenue from the General <br />Fund. The General Fund's current Fund balance is $6,842,833 dollars of which $6,632,833 is undesignated, which <br />equates to ninety-two days of working capital after the transfer of $300,000. The working capital balance of 92 days is <br />within our current financial policy for the General Fund of 90 to 120 days of working capital. <br />Recommendation <br />Staff recommends using a portion of the General Fund's available fund balance to finance this project. <br />Action Required by Council: <br />Instruct the Assistant Director of Finance to amend the 2003-04 Adopted Budget for the Community Investment Fund <br />(036) and General Fund (001) by $300, 000.O k T1( 04ax- tuo Co 3to) <br />C��I,Q/1,FJ (d�P <br />awt-OC <br />@IVY ' <br />Approved for City Council Agenda <br />"tag) _ <br />De ra B. Feazelle, City Manager Date <br />