HomeMy WebLinkAbout[06a] Operating/Residual Transfers
MEETING DATE:
AGENDA ITEM:
SUBMITTED BY:
June 4, 2009
Council Agenda Item 6 a
Operating/Residual Transfers
Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: N/A
PREVIOUS COUNCIL ACTION: None
BACKGROUND INFORMATION: Attached is a request for operating/residual transfers between the TIF
funds and the general fund. Upon researching the TIF funds it was determined the general fund
incurred some of the costs to establish the TIF districts. The TIF districts did not pay back the general
fund for the costs once the districts were established. The following items were paid for by the general
fund:
TIF 1-3, Borgert Products - $7,500 -financial advisor for the TIF creation
TIF 2-1, Millstream Shops and Lofts - $5,625.50 -legal and engineering costs
Staff is recommending operating transfers from the TIF funds to the General fund to cover the above
costs. For TIF 1-3, the transfer request is $5,948.15 which is the remaining fund balance of TIF 1-3.
Upon decertification of TIF 1-3, staff recommends closing the internal city fund 155 -TIF 1-3 (residual
transfer). After the operating transfers above, no remaining fund balance exists to transfer out.
The last operating transfer request is from the Transportation Studies to reimburse the General Fund
and EDA Fund for expenses relating to the Field Street and Southwest Beltway studies prior to 2009.
The expenses were originally recorded under the General Fund and EDA Fund before bonds were issued
to pay for the transportation studies.
BUDGET/FISCAL IMPACT: $35,718.21 between funds
ATTACHMENTS: 2009 Operating/Residual Transfers
REQUESTED COUNCIL ACTION: Approve the 2009 operating residual transfers as presented.
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Fund Description Amount In Amount Out Purpose
Operating:
101 General Fund 5,948.15 Transfer funds from TIF1-3 to the General Fund to reimburse
155 TIF 1-3 Borgert 5,948.15 the General fund for the financial advisor that set up TIF 1-3.
The expenses were paid from the General Fund and not
charged to TIF 1-3.
101 General Fund 5,625.50 Transfer funds from TIF 2-1 to the General Fund to
157 TIF 2-1 Millstream 5,625.50 reimburse the General Fund for legal and engineering
expenses incurred relating to the Millstream Shops/Lofts TIF.
101 General Fund 23,828.96 Reimburse the General Fund and EDA Fund for expenses
150 EDA 315.60 incurred in relation to the Field Street study and
435 Field St Study 23,690.56 Southwest Beltway study prior to 2009.
441 SW Beltway Study 454.00
35,718.21 35,718.21
Residual:
150 EDA - Close TIF 1-3 upon decertification. No excess TIF or funds
155 TIF 1-3 Borgert - remain in fund 155 -TIF 1-3.
Due To/Due From other Funds