HomeMy WebLinkAbout[04f] Equity Designations/Reservationscrrv OF S3T. J[1SNjN[{
MEETING DATE: April 17, 2008
Council Agenda Item 4~~
AGENDA ITEM: Equity Designations/Reservations -Requested Action: Approve the
December 31, 2007 equity designations/reservations as presented.
SUBMITTED BY: Finance
BOARD/COMMISSIONJCOMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: None
BACKGROUND INFORMATION: In the fund financial statements, governmental funds report
reservations of fund balance for use for a specific purpose. The purpose reflects a demand or limitation of
the uses of the funds.
Designations of fund balance represent tentative management plans for the funds that are subject to
change. The working capital designation in the general fund is an internal designation to set aside money
for cash flow purposes in the beginning of the following year. The State Auditor recommends
maintaining an unreserved fund balance of 3-6 months of the next year's expenditure budget for cash flow
due to the lag time of tax and state aid receipts.
The business-type funds show the amount of the fund balance contributed from other funds or an outside
source not in the normal course of business for the fund. Funds contributed are typically from a street
reconstruction project where water and sewer pipes are replaced. The capital fund for the bond proceeds
pays for the project and contributes the utility piping back to the utility funds. Similar, when a developer
puts in a development and then turns the infrastructure over to the city once completed, the city records
the infrastructure as contributed capital. This is merely an audit entry to record the assets held by the city.
BUDGET/FISCAL IMPACT: None
ATTACHMENTS: Equity Designation/Reservation/Undesignated Summaries
REQUESTED COUNCIL ACTION: Approve the December 31, 2007 designations/reservations as
presented.
City of St.loseph
Equity Designations
December 31, 2007
Designated Fund Balance:
Designated for:
Debt Service Capital Projects Working Capital Total
General Fund (101) 35,105.32 625,000.00 660,105.32
Fire Fund (General Fund) (105) 150,000.00 228,044.15 378,044.15
Debt Service Relief Fund (390) 188,700.81 188,700.81
General Capital Outlay Fund (490) 274,834.83 274,834.83
State Collected Sales Tax (200) 467,180.27 467,180.27
Park Dedication (205) 58,253.97 58,253.97
Recreation Center (210) 46,286.41 46,286.41
338,700.81 1,109,704.95 625,000.00 2,073,405.76
Working Capital Calculation:
08 GF Expenditure Budget 2,527,900.00
Times 3 months _ 4
631,975.00
Rounded Designation I 625,000.00
General Fund Equity at 12/31/07:
Working Capital 625,000.00
City Structure/study 35,105.32
Fire Fund Capital 228,044.15
Fire Fund Debt Relief 150,000.00
Undesignated - 101 380.74
Undesignated - 105 98,716.11
Undesignated - 106 -
Undesignated - 108 12,313.01
Total Undesignated 111,409.86
Total Designated 1,038,149.47
Unreserved fund balance 1,149,559.33
City of St. Joseph
Equity Reservations
December 31, 2007
Reserved Fund Balance:
Reserved for:
Debt Service Capital Acquisitions Total
2004 Equip Certificates 7,273.46 7,273.46
2007 Refunding Bonds 418,354.78 418,354.78
Joseph Street Improvements 31,873.23 31,873.23
2004 Improvements/Northland 186,775.51 186,775.51
2002 Improvements 487,913.20 487,913.20
Liberty Pointe 348,695.45 348,695.45 ,
Maintenance Facility 39,839.08 39,839.08
Fire Hall Refunding 130,423.12 130,423.12
2003 Cross-Over Refunding 183,085.80 183,085.80
Hill St/Cloverdale Improvements 568,960.72 568,960.72
Northland Heights/Transportation Studies 615,247.73 615,247.73
2006 Equipment Certificates 6,332.83 6,332.83
2006 Interior St Improvements 564,005.77 564,005.77
2007 Street Projects/Studies/Storm Water 644,582.84 644,582.84
Northland Heights/Transportation Studies 613,914.76 613,914.76
2006 Interior St Improvements 339,915.83 339,915.83
2007 Street Projects/Studies/Storm Water 727,727.77 727,727.77
Water Utility Extension 851,849.09 851,849.09
Sewer Utility Extension 972,854.93 972,854.93
4,233,363.52 3,506,262.38 7,739,625.90
City of St. Joseph
Equity Unreserved/Undesignated
December 31, 2007
Unreserved/Undesignated Fund Balance:
Tota I
General Fund 111,409.86
E DA 29,174.75
TIF 1-3 Borgert 4,938.45
TIF 1-4 St. Joe Development 39,997.73
TIF 2-1 Millstream Shops and Lofts 6,005.03 ,
DARE 373.67
Lake Wobegon Trail (10,007.08)
College Ave City Beautification (48,940.89)
Revolving Loan 50,527.85
City Hall Refunding (15,356.10)
168,123.27
City of St. Joseph
Enterprise Funds Equity
December 31, 2007
Contributed -
OtherFund
Water 3,893,543.11
Sewer 4,017,130.53
Refuse -
Storm Water 374,230.46
Contributed -
Developer
317,494.08
1,443,462.60
122,620.80
Undesignated Total
4,371,129.04 8,582,166.23
3,215,150.44 8,675,743.57
285,445.26 285,445.26
4,023,444.63 4,520,295.89
8,284,904.10 1,883,577.48 11,895,169.37 22,063,650.95