HomeMy WebLinkAbout[04c] TransfersCouncil Agenda Item q C'
C-1W OF ST. JOSE 1111
MEETING DATE: March 4, 2010
AGENDA ITEM: Transfers — Requested Action: Authorize the 2009
Operating, residual and interfund transfers.
SUBMITTED BY: Finance
BOARD /COMMISSION /COMMITTEE RECOMMENDATION: N/A
PREVIOUS COUNCIL ACTION: Council approved establishing an interfund loan between funds 322
(City Hall refunding bonds) and 390 (Debt Service Relief fund), and funds 328 (Liberty Pointe
Improvement bonds) and 651 (Storm Water fund) in 2007 to remove cash deficits in funds 322 and 328.
The interfund loan would be paid off by future taxes and assessments.
BACKGROUND INFORMATION: The interfund loans mentioned above can be paid back to funds
390 and 651. In the case of fund 322 (City Hall refunding bonds), the fund is no longer in a deficit and
has a balance to pay off the interfund loan. Fund 328 (Liberty Pointe bonds) remains in a deficit and
could be for a few more years. Staff is recommending to pay back the loan to the storm water fund (65 1)
with any future assessments received being coded directly to the storm water fund. Once the interfund
loan is removed, the Liberty Pointe bonds fund (328) can be closed effective 12/31/09. The last bond
payment was made on 12 -1 -08.
The operating transfer is an annual reimbursement to the General fund for administrative services to
maintain the fire department activity. The reimbursement is a calculation of fire department expenditures.
BUDGET/FISCAL IMPACT: $51,204.09 between funds
ATTACHMENTS: 2009 Operating/Residual/Interfund Transfers
REQUESTED COUNCIL ACTION: Authorize the 2009 operating and residual transfers as presented.
4(0 1
City of St. Joseph, Minnesota
Operating /Residual Transfers - Year End
Requested March 4, 2010 for 2009 Financial Year
Fund Description
Amount In
Amount Out
Purpose
Operating:
101 General Fund
9,444.94
Annual reimbursement from fire fund to
105 Fire Fund
9,444.94
general fund for administrative services
Residual:
328 2004 Liberty Point Bonds
24,759.15
Close the Liberty Point Improvement Bonds.
651 Storm Sewer Fund
24,759.15
Last payment made 12 -1 -08. Any future
delinquent assessments will be collected in
the Storm Water Fund (651).
Budget:
Interfund Receivables/Pavables:
322 2005 City Hall Refunding Bond
17,000.00
Remove interfund debt due to the bond fund
390 Debt Service Relief fund
17,000.00
recovered from deficit through 2009 levies.
328 2004 Liberty Point Bonds
26,000.00
Remove interfund loan. Deficit will not be
651 storm sewer Fund
26,000.00
recovered from delinquent assessments.
51,204.09 51,204.09
through operations, not transfer
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