HomeMy WebLinkAbout15.F.4. Interfund Transfer
CITY OF SHAKOPEE I~F: y:
Memorandum ..
TO: Mayor and Council CONSENT
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: Interfund Transfer
DATE: September 10, 2004
Introduction & Background
Council will be asked to authorize the sale of $6,000,000 in bonds for
the new public works building at the 9/21/04 meeting. Council has
indicated it wants to use the building rental charges in the Building
Fund to pay for the debt service on the bonds instead of using the tax
levy. Accordingly, no allowance has been made in the tax levy for
2004/05. Therefore, a transfer from the Building Fund to the debt
service fund needs to be made to replace the tax levy.
The bonds have been structured based on transferring $475,000 to the
debt service fund in 2004.
Action
Move to transfer $475,000 from the Building Fund to the 2004D Building
Bonds debt service fund.
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Finance Director
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