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MEETING DATE:
November 20, 2008
Council Agenda Item ~ ~'
AGENDA ITEM: Transfers -Requested Action: Authorize the 2008 operating transfers as
presented.
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: N/A
PREVIOUS COUNCIL ACTION: None
BACKGROUND INFORMATION: Attached are operating fund transfers for reporting year 2008 to
properly report the financial condition of the city.
The revenue sources for the various bonds were budgeted for in the bond agreement when the bonds were
issued. Some of the revenue sources are collected through City fees and placed in separate City funds.
Each year, Finance requests a portion of the fees to be transferred to cover the December bond payments
as budgeted by the funding source for the bonds.
BUDGET/FISCAL IMPACT: $682,975.00 -Operating Transfers
ATTACHMENTS: 2008 Operating Transfers -for bond payments
REQUESTED COUNCIL ACTION: Approve the 2008 operating transfers as presented.
City of St. Joseph, Minnesota
Operating Transfers Annual Transfers for Debt Payments
Requested November 20 2008 for 2008 Financial Year
Fund Description Amount In Amount Out Purpose
Operating:
2007 Refunding Bond -Joseph St
320 Improvements 16,900.00 Annual transfer for 2007B debt service payment
502 Utility Extension -Sewer Northland Trunk 16,900.00
602 Sanitary Sewer Fund 47,000.00 Annual transfer for 2001 debt service payment
502 Utility Extension -Sewer DBL Trunk 47,000.00
2002 GO Bonds-121,Business Park, SE
325 Utility Ext 90,000.00 Annual transfer for 2002 bond payments
601 water Revenue 45,000.00
602 Sewer Revenue 45,000.00
601 Water Fund 37,500.00 Annual transfer for 2002 water revenue bonds
501 Utility Extension Charges -WAC 37,500.00
328 2003 GO Bonds-Northland 7/Liberty Pointe 45,000.00 Annual transfer for 2003 bond payment
502 Utility Extension -Sewer Northland Trunk 25,000.00
651 Stormwater Utility Fund 20,000.00
601 water Fund 170,000.00 Annual transfer for 2005D water revenue bonds
501 Utility Extension Charges -WAC 170,000.00
601 Water Fund 212,500.00 Annual transfer for 2006A water revenue bonds
501 Utility Extension Charges -WAC 181,000.00
502 Utility Extension -Water Northland Trunk 31,500.00
338 2006C GO Bonds-Interior Streets 30,000.00 Annual transfer for 2006C bond payment
601 water Revenue 10,000.00
602 Sewer Revenue 10,000.00
651 Storm Water Revenue 10,000.00
341 2007 GO Bonds-Jade/East Side/8th Ave 34,075.00 Annual transfer for 2007A bond payment
651 Storm Water Utility Revenue 34,075.00
682,975.00 682,975.00