HomeMy WebLinkAbout5.F.3. Interfund Transfer to the 2004 Capital Projects Fund
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CITY OF SHAKOPEE
Memorandum CO~~"'Ul
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TO: Mayor and council
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: Interfund Transfer
DATE: November 2, 2006
Introduction
Approval of an interfund transfer to close the 2004 Capital Projects
Fund is requested.
Background
The three projects included in the 2004 Capital Projects fund have been
completed. There is a deficit cash balance remaining in the fund that
needs to be resolved in order to close the fund. The deficit is due to
cash flow on the 04-3 Valley View project when the bond proceeds were
less than the project cost. Assuming that things progress as plan for
the related debt service fund, the Capital Improvement fund will
receive the money back.
Action
Move to transfer $61,827.62 from the Capital Improvement fund to the
2004 capital Projects fund in order to close the 2004 Capital Projects
fund.
G~OXland
Finance Director
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