HomeMy WebLinkAbout[04c] TransfersCITY OF ST. JOSKPH
MEETING DATE: July 8, 2010
Council Agenda Item 4(c)
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. In April 2010 the Council approved transferring half of the
EDA budget.
The Council approved designating the remaining EDA capital funds in the amount of $9,126.79 for the
12/31/09 audited financial statements.
BACKGROUND INFORMATION: The first operating transfer request is to transfer the second half 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. With the consensus to not hire a Community
Development Director at this time, the EDA fund will need the operational funds to cover the budget for
2010.
The second operational transfer request is to move the 2009 EDA capital reserve from the General Fund
to the EDA Fund. The Council did not transfer this portion of the 2009 EDA budget in 2009. The
remaining budgeted amounts were left in the General Fund at the end of 2009.
BUDGET /FISCAL IMPACT: $30,131.79 between funds
ATTACHMENTS: Request for Council Action 4(c):1 -2
2010 Operating Transfers 4(c):3 -4
REQUESTED COUNCIL ACTION: Authorize the 2010 operating transfers as presented.
4(c):1
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4(t):2
City of St. Joseph, Minnesota
Operating /Residual Transfers
Requested July 8, 2010 For the 2010 Financial Year
Fund
Description
Amount In Amount Out Purpose
Operating:
101
General Fund
21,005.00 Transfer a portion of the EDA budgeted funds from the
150
EDA Fund
21,005.00 General Fund to the EDA Fund for operational costs.
Community Development Director not hired.
101
General Fund
9,126.79 Transfer the remaining 2009 EDA capital reserve budget
150
EDA Fund
9,126.79 from the General Fund to the EDA Fund.
30,131.79 30,131.79
5(a):3
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4(c):4