HomeMy WebLinkAbout[04b] Transfers
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Council Agenda Item 4b
MEETING DATE:
November 10, 2014
AGENDA ITEM:
Annual Transfers
SUBMITTED BY:
Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION:
None
PREVIOUS COUNCIL ACTION:
The City Council issued debt based on a projected funding source.
BACKGROUND INFORMATION:
Annually the Council approves operating transfers to fund the
bond payments with various funding sources. Northland Securities and staff review the funding sources
each spring at the end of the financial audit to determine the level of funding needed to pay the annual
debt payments. The transfers requested include funding sources between bond funds and utility revenues.
The bond payments will be made in mid-November.
In addition to debt funding, the annual budget includes a couple reimbursements between a couple
enterprise funds and the general fund. The transfers cover administrative and maintenance time that
benefits the enterprise funds. The time is originally expensed out of the general fund.
A transfer is requested to fund the employee retirement reserve account for the 2014 contribution. The
fund was established in 2014 to prepare for upcoming retirements. The transfer is funded by the unused
expense budget for employee benefits. The transfer is planned to be annually going forward and has been
discussed during budget workshops.
The residual transfers are transfers to close out the bonds paid in full in November. The residual funds
are placed in the debt service reserve fund to be used in any means the Council sees fit. The amounts are
rounded. The actual residual amounts will be known in mid-November.
The final transfer is to repay the general fund for the borrowed cash to begin operating the street light
utility fund. The cash was needed to cover the last two months of revenue not received until 2014. The
street light utility has built up enough cash balance to end 2014 with a positive cash balance after
repaying the general fund.
BUDGET/FISCAL IMPACT:
$1,050,319.03 between funds
ATTACHMENTS:
Request for Council Action - Transfers
REQUESTED COUNCIL ACTION:
Authorize the 2014 transfers as requested.
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City of St. Joseph, Minnesota
Operating Transfers
Requested November 20, 2014 for Financial Year 2014
FundDescriptionAmount InAmount OutPurpose
Operating:
602Sewer Fund304,800.00 Annual transfer for the St. Cloud PFA Loan
502Utility Extension Charges - SAC304,800.00 \[2013 and 2014 allocation\]
601Water Fund200,000.00 Transfer from debt service relief fund to help cover
390Debt Service Relief Fund200,000.00 water debts not covered by rates/connection fees.
3382006C GO Bonds-Interior Streets15,000.00 Annual transfer for 2006 bond payment
601Water Revenue5,000.00 for the interior streets utility improvements.
602Sewer Revenue5,000.00
651Storm Water Utility Revenue5,000.00
2007B GO Refunding Bonds-Joseph St
320 Annual transfer for 2007 debt service payment3,050.00
502Utility Extension Charges - Sewer Northland Trunk3,050.00 for 1999 Joseph Street utility improvements.
Water Fund
601 Transfer sewer project costs that were funded83,753.00
602Sewer Fund83,753.00 with the water tower project in 2014A bonds
602Sanitary Sewer Fund47,200.00 Annual transfer for 2009A debt service payment
502Utility Extension Charges - Sewer DBL Trunk47,200.00 for 2001 sewer transportation improvements.
2009A GO Bonds-121,Business Park, SE
Utility Ext (2002 Improvements)
318 Annual transfer for 2002 bond payments80,000.00
601Water Revenue for 2002 SE utility extension/ CSAH 121 utilities/40,000.00
602Sewer Revenue40,000.00 Business Park extension.
3452010B GO Bonds - 16th Ave13,250.00 Annual transfer for 2010B debt service payment
651Storm Water Utility Fund13,250.00 for 2010 16th Ave improvements.
101General Fund 40,310.00
Annual Transfer for retirement
601Water Fund 2,425.00
reserve funding from amount not used
Sewer Fund
602 2,350.00
for employee insurance benefits
603Refuse Fund 675.00
Storm Water Fund
651 470.00
102Employee retirement reserve fund46,230.00
101-43120-36300
General Fund
101 14,000.00Annual Transfer for Street Sweeping costs
651-49900-302
Storm Water Fund
651 14,000.00
101-43120-36300
General Fund
101 2,065.00
Annual transfer for compost permits/old site pile
603-43230-302
603Refuse Fund 2,065.00
(admin staff time/loader reimbursement)
101General Fund6,971.03 Move remaining sign replacement reserve into
490Capital Outlay Fund6,971.03 the seal coating reserve.
Residual:
3412007 Improvement Project Bond215,000.00 Residual unspent project funds due to
390Debt Service Relief Fund215,000.00 contingencies bonded that were not used
3202007 Improvement Project Bond15,000.00 Residual unspent project funds due to
390Debt Service Relief Fund15,000.00 contingencies bonded that were not used
Due To/Due From Other Funds:
101 repay funds borrowed in 2013 to cover a 4,000.00
General Fund
cash deficit with the start of the separate 4,000.00
652Street Light Utility Fund
street light utility fund
1,050,319.031,050,319.03
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