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HomeMy WebLinkAbout[09b] TransfersMyQF ST. J( FMH MEETING DATE: AGENDA ITEM: SUBMITTED BY: Council Agenda Item _ `b January 21, 2010 Transfers — Requested Action: Authorize the 2009 operating and residual transfers. Finance BOARD/ COMMISSION /COMMITTEE RECOMMENDATION: N/A PREVIOUS COUNCIL ACTION: Council also approved refinancing 4 bonds during 2009. 2 of the 4 bonds were tracked in their own funds. The residual transfers for funds 325 and 329 relate to the 2009 refundings. BACKGROUND INFORMATION: The attached operating transfers are annual transfers to cover equipment and administrative costs relating to street sweeping and operating the compost site. There is also a request to move the reserved election funds from the capital equipment fund to the general fund. The reserved election funds will be set aside by an equity designation each year. Moving the election funds to the General fund will allow matching the expenditures with the available election funds. The final operating transfer request is to transfer funds from the General fund to the EDA fund to cover operational and project costs expended by the EDA. The EDA fund currently shows a deficit of $600. The residual transfer is a transfer to close out the remaining funds in debt funds where the debt has been paid in full either by refinancing or making the final payment in December. The residual funds will be transferred to the new 2009 refunding debt or to fund 390 for debts that matured. BUDGET/FISCAL IMPACT: ATTACHMENTS: $657,300.93 between funds 2009 Operating/Residual Transfers REQUESTED COUNCIL ACTION: Authorize the 2009 operating and residual transfers as presented. City of St. Joseph, Minnesota OperatinglResidual Transfers Requested January 21, 2010 for 2009 Financial Year Fund Description Amount In Amount Out Purpose Operating: 101 General Fund 6,860.00 Annual transfer for compost site 603 Refuse Fund 6,860.00 (equipment and admin staff time reimbursement) ..................................... ....................................... Capital Equipment Fund 32,198.90 Move election capital reserve to the General 101 General Fund 32,198.90 fund since the election items will cover operational and capital costs for elections. Amount will bedesignated. 101 ........................ General Fund 7,500.00 ........ Transfer $7,500 for EDA budgeted services, 150 EDA Fund .::: : ... ............. ... ...... 7,500.00 ........ .......... 1 .............. . ......... General Fund .. 14,000.00 ............ ................................ ..................... ........................................................... ..................................... % ........... Annual Transfer for Street Sweeping costs 651 Storm Water Fund . . ........ 14,000.00 . ......... . .... ... ......... .lkiiiii6iii ............ .............. ...... .................... . . ....... ....... 2004 GO Improvement Bonds - Northland 323 8th/ 16th Ave/ Park Improvements 8,278.43 Close the 2004 bonds - the last debt payment 390 Debt Service Relief Fund 8,278.43 made 12-1-09. 321 .................... Steams Coop Electric Loan/Joseph St. 6,927.74 .......................... Close the Joseph Street Loan - the last debt payment 320 20073 GO Refunding bonds- Joseph St 6,927.74 made ll-1-09. Close to the Joseph Street refunding bonds since originally bonds were recorded in fund 321. .................................. 2002 Street Improvement Bonds - CSAH121/ Business Park/ SE utility 325 extension 575,709.39 Close the 2002 Street Improvement Bonds - debt 318 2009A GO Refunding bonds 575,709.39 refinanced with the 2009A GO refunding bonds. Final Payment made on 12-1-09. . ................................ .... ................ .. ......... 329 2003 Public Project Bonds - PW Building 5,826.47 Close the 2003 Public Project Bonds - debt 343 20098 GO CIP Refunding bonds 5,826.47 refinanced with the 2009B GO CIP refunding bonds. Final payment made on 12-1-09. 442 2008 Equipment Certificates Capital Fund Close out the 2008 Equipment Certificates capital fund. 342 2008 Equipment Certificates Debt Fund .......... All purchases made with no remaining balance. 657,300.93 657,300.93