HomeMy WebLinkAbout[04c] Equity Designations1'1��
CrrV OF lST. J0SKPH
MEETING DATE: April 7, 2011
Council Agenda Item 4 C
AGENDA ITEM: Equity Designations — Requested Action: Approve Equity
Designation
SUBMITTED BY: Finance
BOARD /COMMISSION /COMMITTEE RECOMMENDATION: At their March 30, 2011 meeting, the
EDA recommended the 12/31/10 capital designation for EDA to be $5,162.57, covering the operational
deficit in the fund.
PREVIOUS COUNCIL ACTION: City Council approved reporting an EDA capital designation of $19,132
as of 12/31/10, the remaining capital balance for the EDA. This left a deficit in the undesignated fund
balance of $13,970 to be reported on the financial statements.
BACKGROUND INFORMATION: Although the EDA capital budget was not spent down at the end of
2010, the EDA fund has been carrying an operational deficit for the past couple years. The operational
deficit is from prior to 2009 reporting. The deficit had to do with how the expenditures were coded.
Staff improved the coding process to prevent future differences between operations and capital
budgets. The EDA agreed the operational deficit should be covered with the unspent EDA capital budget
to be able to report a positive fund balance on the financial statements for 2010.
BUDGET /FISCAL IMPACT: None — Fund Balance all within the EDA
ATTACHMENTS: Request for Council Action — Equity Designations
REQUESTED COUNCIL ACTION: Approve adjusting the EDA capital equity designation as presented.
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