HomeMy WebLinkAbout[04e] TransfersC-EW OF KT. JONKPH
MEETING DATE: April 1, 2010
Council Agenda Item 4 e
AGENDA ITEM: Transfers— Requested Action: Authorize the 2010 Operating
Transfers
SUBMITTED BY: Finance
BOARD /COMMISSION /COMMITTEE RECOMMENDATION: N/A
PREVIOUS COUNCIL ACTION: In December 2009 the Council adopted the 2010 City budget, including
the budget to operate the St. Joseph Economic Development Authority (EDA). The funds to operate the
EDA are budgeted as an operating transfer.
Council approved purchasing general equipment using equipment certificates reduced by the amount
set aside in previous budget years. Also, the Council approved purchasing the used plow truck prior to
the issuance of the equipment certificates with the understanding the equipment reserve fund would be
replenished once the debt was issued.
BACKGROUND INFORMATION: The operating transfers have two main purposes. The first transfer is to
move Y2 of the EDA budget from the General fund to the EDA fund. This is a routine transfer between
the funds to cover the needed operational costs of the EDA fund.
The next transfer represents reimbursing the General Capital Equipment fund with the equipment
certificate proceeds to pay for the purchase of the used plow truck. Council approved purchasing the
plow truck with the capital equipment reserves with the intent to cover the cost with the equipment
certificates once the debt was issued. The Council approved the plow truck purchase in fall 2009 to take
advantage of cost savings on the truck.
BUDGET /FISCAL IMPACT:
ATTACHMENTS:
$35,652.00 between funds
2010 Operating Transfers
REQUESTED COUNCIL ACTION: Authorize the 2010 operating transfers as presented.
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