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Home My WebLink About[04e] Financial Transfersf~ crrx a~ sti:,rc MEETING DATE: April 17, 2008 Council Agenda Item 4 e AGENDA ITEM: Transfers -Requested Action: Authorize the 2008 budget transfer from Planning and Zoning salaries to EDA consulting to cover MDGs contract. Authorize the Operating, Residual and Fund transfers as of December 31, 2007 as presented. SUBMITTED BY: Finance BOARD/COMMISSION/COMMITTEE RECOMMENDATION: N/A PREVIOUS COUNCIL ACTION: None BACKGROUND INFORMATION: The City budgeted for afull-time Community Development Director to function as an EDA director and Planning and Zoning official. The employee would replace Municipal Development Group for EDA services. I am proposing the Council move $28,000 from Planning and Zoning to EDA to cover the contract with MDG until the full-time employee is hired. Also included are operating, residual and fund transfers as of December 3 ] , 2007 to properly report the financial condition of the city. Descriptions of the proposed transfers are included on the spreadsheet. Operating Transfer: Transfers of current year activity to properly report the fund's activity. Residual Transfer: Transfers to close one fund into another when the activity of the closed fund is completed. Due To/From Other Funds: Transfers to cover deficit cash balances in a fund. The fund with the short- fall is required to pay back to other fund when cash is available to do so. These transfers show up as a payable/receivable in the financial statements. BUDGET/FISCAL IMPACT: ATTACHMENTS: $28,000.00 -Budget reallocated between funds $290,459.27 -Operating Transfers $637,237.38 -Residual Equity Transfers $127,010.00 -Due To/Due From Other Funds -Proposed Budget Transfers - 2008 spreadsheet -Operating/Residual Transfers -for 2007 REQUESTED COUNCIL ACTION: Approve the 2008 budget transfer and 2007 operating, residual and due to/from other fund transfers as presented. Clty of St. Joseph, Minnesota Operating/Residual Transfers Requested April 17, 2008 for 2007 Financial Year Fund Description Amount In Amount Out Purpose 329 i 2003 Maintenance Facility GO Bonds 65,000.00 Expenditure designated for sett storage shed in 490 490 Capital Improvement Fund 65,000.00 Salt storage shed paid for whh 08 Equip Cert. $$ used to cover deficft in Maint. Shop Bonds 101 General Fund 174,744.55 Move General tuntl designation to DS relief 380 Debt Services Relief Fund 174,744.55 per auditor's recommendation 101 General Fund 26,710.99 Transfer 2006 designation for streets to cover 329 2003 Maintenance Facilty GO Bonds 26,710.99 deficit maintenance facility bonds 101 General Fund 24,003.73 Move 1/21 Sales Tax receipt coded 200 1/2 Cent Sales Tax Fund 24,003.73 in the General Fund in 2006 280,458.27 280,459.27 Residual: 106 Street Maintenance Fund 117,187.94 Close Street Maint fund to DS relief 390 Debt Service Relief Fund 117,187.94 fund no longer used 317 1997 Fire Hall Bonds 10,114.22 Bond refunded in 2003 -Dose to refunded bond Nnd 331 2003 Fire Hall Refunding Bonds 10,114.22 (Correct Trensfer) 324 2001 Northland Add'n GO Bonds 534.12 Close bond fund - (Correct Transfer) 390 Debt Service Relies Fund 534.12 Last bond payment made 12-1-07 319 1998 Street Improvement Bonds 26,175.85 321 1998 Joseph St Improvement Bands 42,000.00 Fund 321 will remain open until 320 20078 GO Improve Refunding Bonds 68,175.85 the Steams Coop Loan is paid off (2009) Portion for refunding 1999 Joseph St improvements. (Correct transfer) 425 2002 Street Improvements 420,071.92 Close capital fund since construction completed 325 2002 Street Improvement Bonds 420,071.92 and Meadowvale was settled in 2007. 327 2002 Equip Cert'fiicetes (Ladder Truck) 132.48 Close debt fund -last payment 101 General Fund 132.48 made on 12-1-06 (Correct Trensferj 433 2005 Hill St Improvements 54.19 Correct Transfer 333 2005 Hill SUCloverdale Bonds 54.19 437 2006 Equip Certificates 20,966.66 Correct Transfer 490 Capital Outlay 20,966.66 O h 837,237.38 637,237.38 Due TolD 230 ru From t er Funds: Lake Wobegoq Trail 10,070.00 Cover the fund's deficit 390 Debt Service Relief Fund 10,010.00 at year-end (Northland V funds) 232 City Beaut~cetion- College Avenue 59,000.00 Cover the fund's deficft 390 Debt Service Relief Fund 59,000.00 at year-end (Northland V funds) 322 2005 Chy Hall Refunding Bonds 17,000.00 Cover the fund's deficit 390 Debt Service Relief Fund 17,000.00 at year-end 329 2003 Maintenance Facility 41,000.00 Cover the fund's deficit 390 Debt Service Relief Fund 41,000.00 at year-end 127,010.00 127,010.00 .. C ~ ~=c E ~ $ .. s°8~ y N ~ Q ~ C ` ~ lL 7 H ~~'r a w ~ m o ~ U `p N o.~~'= ~ p' c w d c°3 .Z ~ m o ~ a m v c m o ~ ~iA 0 ~ O a` O o 0 w o to o d N ~ c ~o N F ~ i w ~ .. C r _ {p _ - W ~ (O Q. i- d v m ~, a H ~ O v y W ~ 00 N N ~ ~ ~ O O ~ ~ O d O O p' U O N N ~ a v~ d v 3 0 N a m w d °c' c 0 N ~d C C C l0 0.