HomeMy WebLinkAbout[04d] Transfers Council Agenda Item 4(d)
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MEETING DATE: November 15,2012
AGENDA ITEM: Transfers—Requested Action: Authorize the 2012 Transfers
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: The City Council adopted the 2012 budget in Dec. 2011.
BACKGROUND INFORMATION: Annually in November or December,the City Council is
requested to approve a series of transfers that have been budgeted or transfers that are programed through
debt service accounts.
General Fund—Capital Transfer-The City Council budgets general capital expenditures in the
general fund to set the general levy. After the budget is set, staff requests a transfer of the general capital
budget to the General Capital Outlay fund 490 for tracking. The capital budget is kept in the separate
fund for ease of tracking the reserved balance. Many budgeted items are funds for future capital
purchases. Staff waited until the end of the year to transfer the 2012 capital budget to ensure there were
no adjustments to the budget from the State. In addition to the fund 490 transfers, staff recommends
transferring the$6,000 budgeted in 2012 for future park improvements to the Park Dedication fund 205.
Fund 205 is the budget the Park Board has to establish the park and trail improvements in the City.
Operational transfers are annual transfers to cover bond payments, Coborn's abatement payment
and reimburse overhead costs to operate the compost site. In the case of the new water treatment plant
and wells 6,7,8 debts,the water connection charges transferred is the amount available in the Utility
Extension fund 501. Staff will review if further transfers are necessary from another fund after year-end
adjustments and final water revenue receipts are recorded.
Residual transfer is to close out funds in the Pumper Truck capital fund to the equipment
certificates fund since the project is completed. When the City issues bonds,two accounts must be
established,one for the actual expenditures of the debt, in this case the purchase of the fire truck and is
referred to as the construction fund. The second is for the annual debt payments and will remain a
separate fund until the debt is retired. If any funds remain at this time,the Council can designate the
remaining balance.
Due To/Due From Other Funds transfer is to pay back an inter fund loan received from the EDA
to the St.Joseph Development TIF 1-4. The loan was paid off with tax increment revenue collections in
2012 as anticipated. This TIF decertifies on Dec. 31,2012. Staff will request decertification once final
increments are received in December.
BUDGET/FISCAL IMPACT: $729,785.39 between funds
ATTACHMENTS: Request for Council Action
2012 Capital Budget Transfers
2012 Operating/Residual Transfers
REQUESTED COUNCIL ACTION: Authorize the 2012 budget,operating,residual and inter fund
loan transfers.
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City of St.Joseph,Minnesota
Operating Transfers
Requested November 15,2012 for Financial Year 2012
Fund Description Amount In Amount Out Purpose
Operating:
601 Water Fund 55,000.00 Annual transfer for 2005 water revenue bonds
501 Utility Extension Charges-WAC 55,000.00 for wells/water filtration plant project
338 2006C GO Bonds-Interior Streets 24,000.00 Annual transfer for 2006 bond payment
601 Water Revenue 8,000.00 for the interior streets utility improvements.
602 Sewer Revenue 8,000.00
651 Storm Water Utility Revenue 8,000.00
320 2007B GO Refunding Bonds-Joseph St 15,000.00 Annual transfer for 2007 debt service payment
502 Utility Extension Charges-Sewer Northland Trunk 15,000.00 for 1999 Joseph Street utility improvements.
602 Sanitary Sewer Fund 44,500.00 Annual transfer for 2009A debt service payment
502 Utility Extension Charges-Sewer DBL Trunk 44,500.00 for 2001 sewer transportation improvements.
2009A GO Bonds-121,Business Park,SE
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 13,250.00 Annual transfer for 20108 debt service payment
651 Storm Water Utility Fund 13,250.00 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 6,275.00 Annual transfer for compost site
603 Refuse Fund 603-43230-302 6,275.00 (equipment and admin staff time reimbursement)
• 502 Utility Extension Charges-SAC 152,400.00 Annual transfer for St.Cloud Treatment Plant
602 Sewer Fund 152,400.00 PFA loan payments.
101 General Fund 50,000.00 Annual transfer for Cobom's abatement payment
150 EDA Fund 50,000.00 Levied in General fund,paid out of EDA fund
101 General Fund 898.55 4th quarter PEG fees from Midcontinent were
108 PEG Access Fees Fund 898.55 recorded as cable franchise fees. PEG fees are
a specific use for cable equipment.
Due To/Due From Other Funds:
funds with negative cash balances at 12/31/11
150 EDA 2,000.00 Interfund loan provided to TIF 1-4 from EDA in
156 TIF 1-4 St.Joseph Development 2,000.00 2011 to report a positive cash balance in the
12/31/11 financial statements. Deficit was
recovered with 2012 TIF proceeds. Transfer is
to pay back the interfund loan.
Residual: •
446 2011A Pumper Truck - Close pumper truck capital fund to equipment
346 2011A Pumper Truck Equipment Certificates - certificates. Truck purchased and paid for.
457,323.55 457,323.55
11/8/2012 1 of 1
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