HomeMy WebLinkAbout[04d] Transfers~~ ry V~
Council Agenda Item ~~
MEETING DATE: October 1, 2009
AGENDA ITEM: Transfers -Requested Action: Authorize the 2009
operating, residual and interfund transfers as presented.
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: N/A
PREVIOUS COUNCIL ACTION: Council accepted $5,000 in donations from the St. Joseph Chamber
of Commerce and the St. Joseph Jaycees to cover a portion of the short-fall for the Wobegon Trailhead
project. The Council agreed to consider funding the remaining short-fall from other City funds.
BACKGROUND INFORMATION: Attached are operating transfer requests for the annual principal
payments from the bond funds. The bonds were issued with the understanding that portions of the
payments would be covered from other City funds' revenue sources.
The residual transfer is a transfer to close out the remaining short-fall in the Wobegon Trailhead fund.
Staff is recommending the short-fall to be covered by the debt service relief fund. The debt service relief
fund is funded by residual equity remaining in bond funds once the bonds are paid in full. The Northland
Heights bonds will be paid in full on 12-1-2010. After this date, the residual balance anticipated for the
Northland Heights bonds will be transferred into the debt service relief fund. The current balance of the
debt service relief fund can support paying off the short-fall in 2009 with anticipation of future residual
balances from other bond funds.
The interfund loan is a repayment for the loan made in 2007 to cover the short-fall in the Wobegon
Trailhead facility fund. With the donation from the St. Joseph Chamber of Commerce and the St. Joseph
Jaycees, and the residual transfer requested above, the interfund loan will be considered paid in full.
BUDGET/FISCAL IMPACT:
ATTACHMENTS:
$772,272.08 between funds
2009 Operating/Residual Transfers
REQUESTED COUNCIL ACTION: Authorize the 2009 operating, residual and interfund transfers as
presented.
City of St. Joseph, Minnesota
OperatinglResidual Transfers
Requested October 1, 2009 for Financial Year 200y
Fund Description Amount In Amount Out Purpose
O~erating:
601 Water Revenue 100,000.00 Transfer 25% of the meter conversion cost to the
602 Sewer Revenue 100,000,00 sewer fund from the water fund since the sewer
billing is based on the water usage. The sewer
fund benefits from the radio read water meters.
601 Water Fund 180,400.00 Annual transfer for 2005 water revenue bonds
501 Utility Extension Charges - WAC 180,400.00 for wells/water filtration plant project
601 Water Fund 256,500.00 Annual transfer for 2006 water revenue bonds
501 Utility Extension Charges - WAC/Trunk 256,500.00 for we-Is/water filtration plant project
338 2006C GO Bonds-Interior Streets 30,000.00 Annual transfer for 2006 bond payment
601 Water Revenue 10,000.00 for the interior streets utility improvements.
602 Sewer Revenue 10,000.00
651 Storm Water Utility Revenue 10,000.00
341 2007 GO Bonds-Jade/East Side/8th Ave 34,075.00 Annual transfer for 2007 bond payment
651 Storm Water Utility Revenue 34,075.00 for 2007 storm water costs at Hollow Park.
320 20078 GO Refunding Bonds-Joseph St 19,100.00 Annual transfer for 2007 debt service payment
502 Utility Extension Charges -Sewer Northland Trunk 19,100.00 for 1999 Joseph Street utility improvements.
602 Sanitary Sewer Fund 47,200.00 Annual transfer for 2009A debt service payment
502 Utility Extension Charges -Sewer DBL Trunk 47,200.00 for 2001 sewer transportation improvements.
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 for 2002 SE utility extension/ CSAH 121 utilities/
602 Sewer Revenue 45,000.00 Business Park extension.
Residual
230 Wobegon Trailhead Facility 4,987.08 Close the Wobegon Trail fund with funds from
390 Debt Service Relief Fund 4,987.08 excess bond revenues in the debt service
relief fund.
Interfund-Receivables/Pavables:
230 Wobegon Treilhead Facility
390 Debt Service Relief Fund
10,010.00 Pay back a portion of the interfund loan
10,010.00 received in 2007. A $5,000 contribution was
received during 2009 forthe treilhead project.
The remaining $5,010 will be removed and paid out
of debt service relief. The debt service relief fund
will receive the remaining funds from the Northland
Heights bond orxxf paid off in 2010.
772,272.08 772,272.08
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