HomeMy WebLinkAboutOld [04e] Transfersci'" OF ST. .1O PH
MEETING DATE:
AGENDA ITEM:
SUBMITTED BY:
Council Agenda Item 4(e
January 6, 2011
Transfers— Requested Action: Authorize the 2010 Transfers
Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: The Council adopted the 2010 CIP budget on December 2, 2009. The
Council accepted the Northland Securities debt management study in June 2010.
BACKGROUND INFORMATION: The enclosed transfer summaries include operating, residual and budget
transfer requests.
The operating transfers are annual transfers made to cover the current year debt payments. The debt
funds are paid from various revenue sources including assessments, levies, utility usage rates and
development utility rates. The transfer amounts were reviewed by Northland Securities in their annual
debt management study and further reviewed by the Finance Director to ensure debt funding meets
Minnesota Statute requirements. The final two operating transfers are annual transfers to the General
fund to cover part of the cost for street sweeping (benefit of the storm water utility -fund 651) and costs
for the equipment and admin staff time to operate the compost site. The compost site is operated out
of the Refuse fund (fund 603).
The residual transfer is remaining funds in the Northland Heights/Transportation Studies bond fund
(fund 335) and the 2006 Equipment Certificate bond fund (fund 337). The bonds were paid in full on
December 1, 2010. The residual funds can be transferred into the debt service relief fund (fund 390)
and the General Fund to be used on future projects.
The budget transfers include the 2010 general fund capital budget for the departments listed. Typically
the City budgets the capital items in the General fund (fund 101) for ease in comparing the revenue
sources for the capital budget. Once the capital budget is approved, Council considers transferring the
budget dollars from the General fund to the General Capital Expenditure fund (fund 490). The capital
budget transfer was not done for 2008 and 2009 due to Council's decision to cut capital spending to
recover losses from LGA cuts. Council held off moving the 2010 capital budget to wait for the State
budget predictions. The City did receive additional cuts to the market value homestead credit (MVHC)
for 2010. The Council decided to hold off on hiring the full-time police officer to cover the additional
cuts to MVHC. No further unallotments are expected for 2010 because the State's December budget
forecast predicts a surplus for the end of the 2010/2011 State biennium.
BUDGET/FISCAL IMPACT: $814,163.90 between funds
4(e):1
ATTACHMENTS: Request for Council Action 4(e):1-2
2010 Operating/Residual Transfers 4(e):3
2010 Budget Transfers 4(e):4
REQUESTED COUNCIL ACTION: Authorize the 2010 operating, residual and budget transfers as
presented.
4(e):2
City of St. Joseph, Minnesota
Operating Transfers
Requested January 6, 2011 for Financial Year 2010
Fund
Description
Amount In
Amount Out
Purpose
Operaing:
601
Water Fund
184,800.00
Annual transfer for 2005 water revenue bonds
501
Utility Extension Charges - WAC
184,800.00
for wellsAvater filtration plant project
601
Water Fund
245,055.00
Annual transfer for 2008 water revenue bonds
501
Utility Extension Charges - WAClrrunk
245,055.00
for wells/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 SidelBth 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
2007B 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.
2009A GO Bonds-121,Business Park,
325
SE Utility Ext (2002 Improvements)
90,000.00
Annual transfer for 2002 bond payments
601
Water Revenue
45,000.00
for 2002 SE utility extension/ CSAR 121 utilities!
602
Sewer Revenue
45,000.00
Business Park extension.
101
General Fund
14,000.00
Annual Transfer for Street Sweeping costa
651
Storm Water Fund
14,000.00
101
General Fund
6,965.00
Annual transfer for compost elle
603
Refuse Fund
6,965.00
(equipment and admin staff time reimbursemorM
335
Northland Heights Bonds
142,968.90
Final bond payment on Northland Heights/
390
Debt Service Reenf Fund
142,968.90
Transportation Studies made 12/1!10. Residual
337 2006 Equipment Certificates 6,774.11
101 General Fund 6,774.11
814,165.90 814,183.90
funds can be placed In the debt service rellef
fund for future projects.
Final bond payment on the 2006 Equipment
Certificates made on 124-10. Residual balance
can be placed in the General fund since the
purpose of the certificates was for general CIP.
4(e):3
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