HomeMy WebLinkAbout[04c] Residual Transfers inilL
crry OF ST. JOSEPH Council Agenda Item 4(C)
MEETING DATE: January 5, 2012
AGENDA ITEM: Transfers— Requested Action: Authorize the 2011 Transfers
SUBMITTED BY: Finance
BOARD /COMMISSION /COMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: The City Council adopted the 2011 capital budget in Dec. 2010.
BACKGROUND INFORMATION: The City Council budgets general capital items in the General
Fund versus the Capital Equipment Fund for consistency to prior years and to clearly show the General
Fund revenue needs to cover all budgetary items. Annually, the Council considers a transfer request to
move the budgeted general capital to the General Capital Equipment Fund.
The operating transfers are annual transfers to fund bond payments, reimburse the General Fund for '/2 the
cost of street sweeping, reimburse the General Fund for administrative and equipment time to operate the
compost site, and final 1/3 operations transfer to the EDA. The last operating transfer is to reimburse the
bond funds for the State's reduction to the Market Value Credit. The reduction is covered by the General
Fund.
The residual transfers are to close out funds where projects and bond payments have been completed.
BUDGET/FISCAL IMPACT: $720,940.05 between funds
ATTACHMENTS: Request for Council Action
Proposed Capital Budget Transfers — 2011
2011 Operating Transfers
REQUESTED COUNCIL ACTION: Authorize the 2011 budget, operating and residual transfers.
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City of St. Joseph, Minnesota
Operating Transfers
Requested January 5, 2012 for Financial Year 2011
Fund Description Amount In Amount Out Purpose
Operating:
601 Water Fund 112,000.00 Annual transfer for 2005 water revenue bonds
501 Utility Extension Charges - WAC 112,000.00 for wells/water filtration plant project
601 Water Fund 126,000.00 Annual transfer for 2006 water revenue bonds
501 Utility Extension Charges - WAC/Trunk 126,000.00 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 Side/8th 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, S
318 Utility Ext (2002 Improvements) 80,000.00 Annual transfer for 2002 bond payments
601 Water Revenue 40,000.00 for 2002 SE utility extension / CSAH 121 utilities/
602 Sewer Revenue 40,000.00 Business Park extension.
:
345 20108 GO Bonds -16th Ave 13,255.00 Annual transfer for 2010B debt service payment
651 Storm Water Utility Fund 13,255.00 for 2010 16th Ave improvements.
101 General Fund 101 -43120 -36300 14,000.00 Annual Transfer for Street Sweeping costs
651 Storm Water Fund 651 -49900 -302 14,000.00
101 General Fund 101 -43120 -36300 6,595.00 Annual transfer for compost site
603 Refuse Fund 603 -43230 -302 6,595.00 (equipment and admin staff time reimbursement)
101 General Fund 50,000.00 000.00 Annual transfer for Cobom's Tax Abatement
150 EDA Fund 50,000.00 from general property taxes.
101 General Fund 27,840.00 Transfer remaining EDA budget from the
150 EDA Fund 27,840.00 general fund (levied in general fund)
101 General Fund 23,274.83 Allocate MV Credit reduction to General Fund
318 2009 Crossover bonds/2002 Improvements 3,437.01 to ensure bond funds sufficiently cover 2011
320 2007 Refunding /98 -99 Improvements 411.47 bond payments as projected.
322 2005 Refunding /2000 City Hall 4,598.81 State Aid reductions covered by the
331 2003 Refunding /1997 Fire Hall 1,573.28 General Fund.
333 2005 lmprovements 774.54
338 2006 lmprovements 2,952.92
341 2007 Improvements 968.17
342 2008 Equipment Certificates 3,243.37
343 2009 CIP Bonds/2003 PW Building 3,233.69
344 2010 Equipment Certificates 1,597.48
345 2010 Irmprovements 484.09
II ;II III:
Residual:
232 Street Beautification Fund 48,440.89 Close out the Minnesota Street Beautification
390 Debt Service Relief Fund 48,440.89 project. Pledges have been received to pay for
the project. Project shortfall to be covered by
the debt service relief fund.
332 2003 Crossover Refunding Bonds (92,93,96 streets) 15,674.33 Final bond payment on the 2003 bonds
390 Debt Service Relief Fund 15,674.33 made on 12 -1 -11. Residual balance to close
to the Debt Service Relief fund for future projects.
647,455.05 647,455.05
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