HomeMy WebLinkAbout15.F.3. Debt Service Interfund Transfer
J O. F. 3.
CITY OF SHAKOPEE
Memoran.dum
COi~SEr~T
TO: Mayor and Council
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: Debt Service Interfund Transfer
DATE: December 14, 2003
Introduction
Council is requested to approve of transfers from debt service funds.
Background
The 1991A Improvement bonds were paid off in 2003 but the fund is about
56,000 dollars short. The 1992A Improvement bonds will be paid off in
February 2004 and has a surplus. In order to close out both funds,
Council authorization to transfer approximately 56,000 dollars from the
1992A Improvement to the 1991A Improvement fund and the balance of the
1992A fund to the Capital Improvement Fund is requested in accordance
with past practice.
The 1998A Improvement bonds for Southbridge have been called and paid
off. The remains about $250,000 in the debt service fund plus
remaining balances of assessments. Authorization to transfer the
remaining balances in this fund to the Capital Improvement Fund is
requested in accordance with past practice.
These are "housekeeping" type transaction.
Action
Move to authorize the transfer of $55,863.38 from the 1992A Improvement
fund to the 1991A Improvement fund and the balance to the Capital
Improvement Fund in order to close out both improvement funds.
Move to authorize the transfer of the remaining balances in the 1998A
improvement Debt Service fund to the Capital Improvement Fund.
AI
Gregg Voxland
Finance Director
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