HomeMy WebLinkAbout5.F.3. Interfund Transfers u: F. 3 ,
CITY OF SHAKOPEE
Memorandum ~ K1~ ~
TO: Mayor and Council
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: Interfund Transfers
DATE: March 6, 2008
Introduction
Approval of interfund transfers to close the 1995A Debt Service Fund,
Public Works Building Capital Project fund and the West Deans Lake
Capital Project fund is requested.
Background
The 1995A bonds have been paid off. There is a cash deficit remaining
in the fund due to deferred assessments. The deficit needs to be
resolved in order to close the fund. The Capital Improvement fund is
in essence buying the deferred assessments.
The two capital project funds are completed and the balance remaining
is to be transferred to the respective debt service fund.
Action
Move to transfer $88,912.48 from the Capital Improvement fund to the
1995A Debt Service fund in order to close the debt service fund.
Move to transfer $430,046.83 from the Public Works Building Capital
Improvement fund to the 2004D Debt Service fund in order to close the
capital projects fund.
Move to transfer $92,260.64 from the West Deans Lake Capital
Improvement fund to the 2004D Debt Service fund in order to close the
capital projects fund.
Gre"gg Voxland
Finance Director
U:\gregg\memo\