HomeMy WebLinkAbout[04d] Bond Proceed Transfer
4(d)
Council Agenda Item
MEETING DATE:
June 24, 2014
AGENDA ITEM:
Transfer – Bond Proceeds
SUBMITTED BY:
Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION:
None
PREVIOUS COUNCIL ACTION:
The City Council issued bonds for utility improvements and
awarded bids for the sewer improvements.
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BACKGROUND INFORMATION:
The city issued a GO Utility Revenue bond on June 5 to cover
costs for the water tower improvements and the overage of the Main lift station improvement project.
The Council awarded the Main lift station improvements to include all proposed alternatives. The Sewer
Improvements bond issue was Sept. 2013. The bid awarded was higher than the estimated bond issue
amount. Council agreed to add the overage to the water improvement bonds.
Since the 2014 utility bonds are one issue, the proceeds will be recorded in the water fund. Annually, the
sewer fund will make a transfer to cover the sewer portion of the debt. For accounting purposes, staff is
requesting a transfer of $83,755 from the water fund to the sewer fund for the sewer improvements
portion of the debt issue.
BUDGET/FISCAL IMPACT:
$83,755 between funds
ATTACHMENTS:
Request for Council Action - Transfers
REQUESTED COUNCIL ACTION:
Authorize the 2014 transfers as requested.
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