HomeMy WebLinkAbout15.F.3. Fund Transfers
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CITY OF SHAKO PEE
Memorandum
TO: Mayor and Council CONSENT
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: Fund Transfers
DATE: February 22, 2005
Introduction
There are two Capital projects fund with surplus funds that Council
needs to give direction to staff on the disposition.
Background
There is $306,576 left in the CR 16/83 project fund. Historically,
Council has put these funds in the CIF. The surplus basically came
from state aid for the street and therefore an argument can be made
that it should be transferred to the State Aid Fund or the CIF Fund.
Technically, from the accounting standpoint, Council could use the
surplus for any legal purpose since the debt service for the bonds has
adequate funding. Other potential uses of the money would include the
General Fund (market value credit cuts), Park Reserve Fund (Shutrop
purchase) or another road project such as 17th Avenue.
There is $609,199 left in the 1998 Improvement Fund. About half is
needed to complete a street connection to Crossings Boulevard, leaving
$300,000 available to be transferred to another fund. Historically,
Council has put these funds in the CIF. Technically, from the
accounting standpoint, Council could use the surplus for any legal
purpose since the bonds have paid off. Potential uses of the money
would include the General Fund (market value credit cuts), Park Reserve
Fund (Shutrop purchase) or another road project such as 17th Avenue.
Recommendation
Staff recommends that the balance in the CR16/83 project be transferred
into the CIF so that it will be used for a road project.
Staff recommends that $300,000 from the 1998 Improvement Fund be
transferred into the Park Reserve Fund.
Action
Move to approve of the transfer of the balance in the CR 16/83 project
fund into the CIF fund and $300,000 from the 1998 Improvement Fund be
transferred into the Park ReServe Fund.
Gt!o/!:;1
Finance Director
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