HomeMy WebLinkAbout5.F.10. Cancellation of Debt Service Levy for 2011/2012-Res. No. 7151City of Shakopee
Memorandum
To: Mayor and City Council
Mark McNeill, City Administrator
From: Julie A. Linnihan, Finance Director
Subject: Cancellation of Debt Service Levy for 2011/2012
Date: December 20, 2011
Introduction:
The annual budget process provided for the cancellation of specific debt service levies. These levy
cancellations were approved at the September 6 2011 City Council meeting, as a part of the
Preliminary budget and levy adoption.
Background:
The Preliminary budget process provided for a reduction in the cancellation of debt service levies,
specific to the 2008A Debt Service payment. At the recent City Council meeting of December 6 2011,
the Adoption of the Final Levies was adjusted from the Preliminary Levies by continuing to cancel the
debt service levies, as in prior years. This will require the Council to approve a resolution that specifically
addresses the levies to be cancelled in 2011/2012. These debt service levies are listed on the attached
resolution # 7151.
Visioning Relationship:
Goal F and Goal C, Housekeeping and Maintaining Strong Financial Health
Recommended Action
Staff Offers Resolution No. 7151,A Resolution Cancelling Debt Service Levy, cancelling the specific debt
service levies for the 2012 collection year, superseding the previous resolution of September 6 2011.
RESOLUTION NO. 7151
A RESOLUTION CANCELING DEBT SERVICE LEVY FOR 2011/12
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SHAKOPEE, COUNTY OF SCOTT, MINNESOTA, that
the following debt service levies are canceled:
2004C GO Improvement Bonds $ 142,822
2004D Capital Improvement Bonds 467,744
2006A GO Improvement Bonds 344,187
2007A GO Improvement Bonds 6,504
2007B GO Improvement Bonds 87,853
2008A GO Improvement Bonds 151,900
2004B GO Refunding Bonds 128,528 (partial)
BE IT FURTHER RESOLVED that the following irrevocable transfer is made from the Building Internal
Service Fund to the respective debt service fund in 2012 with the difference of debt service needs being
paid from the fund balance in the debt service fund:
2004D Capital Improvement Bonds $ 477,000
BE IT FURTHER RESOLVED that Resolution # 7118 is hereby superseded by this resolution
Adopted in session of the City Council of the City of Shakopee, Minnesota held this
day of December, 2011.
ATTEST:
City Clerk
Mayor of the City of Shakopee