HomeMy WebLinkAbout15.F.3. Interfund Transfers
IS. F. 3.
CITY OF SHAKO PEE CONSENT
Memorandum
TO: Mayor and Council
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: Interfund Transfers
DATE: March 12, 2002
Introduction and Background
One bond issue was paid off last year and the remaining balance is
normally transferred into the Capital Improvement Fund to provide
funding for other general projects that Council orders.
Two Capital Projects Funds have completed their function with the
respective projects completed. The balance in the funds should be
transferred to the related debt service funds. To the extent that the
balance left is bond proceeds, it must be transferred to the debt
service fund.
The General Fund has an operating surplus for 2002 mainly due to under
spending the budget. The surplus for 2002 appears to be about 1.3
million. It is recommended that 1 million be transferred into the
Building Fund. The remaining General Fund Fund Balance falls within
Council's target range.
Action
Move to authorize the transfer of $80,048.61 from the 1990A Debt
Service Fund to the Capital Improvement Fund, $65,142.88 from the 1999
Capital Projects Fund into the 2002A Debt Service Fund, $539,606.83
from the 1998 Capital Projects Fund into the 1998B Debt Service Fund
and $1,000,000 from the General Fund into the Building Fund.
Gr~OXland
Finance Director
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