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CITY OF ST. J( PH Council Agenda Item 4(e)
MEETING DATE: March 15, 2012
AGENDA ITEM: Transfers— Requested Action: Authorize the 2011 Transfers
SUBMITTED BY: Finance
BOARD / COMMISSION /COMMITTEE RECOMMENDATION: Fire Board approved the 2011
operating budget for the fire fund in November 2010.
PREVIOUS COUNCIL ACTION: The City Council adopted the 2011 budget in Dec. 2010.
BACKGROUND INFORMATION: The City Council budgets a chargeback to reimburse the general
fund for administrative time to manage the fire dept fund. Finance requests the chargeback transfer at
year -end once audit entries are recorded. The chargeback is calculated as 5% of the fire fund
expenditures.
The residual transfer is to close out funds in the 16 Ave Street Improvement project fund to the bond
fund since the project is completed.
The Due To/Due From Funds transfers are to cover deficit in two TIF funds. The deficits are allowed by
TIF law based on future projection to be received in the funds. The St. Joseph Development TIF is in a
deficit from spending down excess TIF on the Meat Market expansion and Millstream Shops and Lofts
restaurant equipment as allowed by State Statutes. This TIF decertifies on Dec. 31, 2012 and is estimated
to have the funds necessary to pay off the deficit. The Meat Market TIF is a new TIF that incurred some
administrative expenses to develop the TIF. The TIF revenue will begin in 2012 . and should clear out the
deficit.
BUDGET/FISCAL IMPACT: $133,120.87 between funds
ATTACHMENTS: Request for Council Action
2011 Operating/Residual Transfers
Fire Department Chargeback Admin Time
REQUESTED COUNCIL ACTION: Authorize the 2011 budget, operating and residual transfers.
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City of St. Joseph, Minnesota
Operating /Residual Transfers
Requested March 15, 2012 for 2011 Financial Year
Fund Description Amount In Amount Out Purpose
Operating:
101 General Fund 101 -41430 -34118 10,250.31 Annual transfer from fire fund to
105 Fire Fund 105 - 42210 -301 10,250.31 general fund for administrative services
Residual:
445 16th Ave project fund 120,570.56 Close 16th Ave project to bond fund. Project
345 16th Ave bond fund 120,570.56 completed in 2011.
130,820.87 130,820.87
Due To/Due From Other Funds:
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funds with negative cash balances at 12/31/11
150 EDA 2,000.00 Cover negative balance until TIF proceeds come in
156 TIF 1 St. Joseph Development 2,000.00 during 2012. TIF decertifies 12- 31 -12. Deficit due to
using excess funds under statutory authority in 2011.
150 EDA 300.00 Cover negative balance until TIF proceeds come in
158 TIF 2 - Meat Market 300.00 during 2012. Deficit due to establishment of TIF.
2,300.00 2,300.00
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