HomeMy WebLinkAbout[04f] Annual Transfers
Council Agenda Item 4f
MEETING DATE:
March 2, 2015
AGENDA ITEM:
Annual Transfers – For 2014 Financial Year
SUBMITTED BY:
Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION:
None
PREVIOUS COUNCIL ACTION:
The City Council approved up to $50,000 be used to cover
WAC/SAC fees on single family new homes to stimulate construction. Funds were earmarked from
residual bond funds from the 2007 Jade Road improvement project.
BACKGROUND INFORMATION:
A transfer is requested to move WAC/SAC fees collected from three homes in 2014 under the $50,000
construction stimulation program. The Jade Road improvement bonds were paid off with the residual
equity transferred to the Debt Service Reserve fund. The WAC/SAC grants will come from fund 390.
The second transfer is an annual transfer to cover water fund debt payments.
The chargeback for administrative services is charged back to the General fund from the Fire fund. This
is an annual transfer after audit entries are booked. The Fire Board budgets for this transfer each year.
The EDA transfer is to move back a portion of the Dec tax settlement from the General fund to the EDA
to cover the first six months of EDA operations. The remaining tax settlement portion was not used by
the EDA operations.
The water rate study includes an annual transfer from the Debt Service Relief fund to help cover water
operations. The transfer is budgeted for a couple years until the water revenues can raise enough revenue
to cover all expenses (including debt and operations). The exact amount needed is computed after year-
end entries are recorded.
The residual transfers are transfers to close out the project funds from 2013. The capital funds have been
finalized at the end of 2014. Residual equity closes to their respective bond funds.
BUDGET/FISCAL IMPACT:
$239,285.51 between funds
ATTACHMENTS:
Request for Council Action - Transfers
REQUESTED COUNCIL ACTION:
Authorize the 2014 transfers as requested.
This page intentionally left blank
City of St. Joseph, Minnesota
Operating Transfers
Requested March 2, 2015 for 2014 Financial Year
FundDescriptionAmount InAmount OutPurpose
Operating:
390Debt Service Relief Fund15,000.00 Reimburse WAC/SAC fund for housing incentives
501Utility Extension Charges - WAC12,000.00 provided before Dec. 31, 2014 as approved by
502Utility Extension Charges - SAC3,000.00 City Council.
601Water Fund69,000.00 Annual transfer for 2012 water revenue bonds
501Utility Extension Charges - WAC69,000.00 for wells/water filtration plant project (2005D)
General Fund
101101-41430-34118 12,329.75
Annual transfer from fire fund to
Fire Fund
105105-42210-301 12,329.75
general fund for administrative services
EDA Fund -
150 levy 20,000.00
Add back EDA levy to cover first half 2015 operations
General Fund -
101 levy 20,000.00
601Water Fund20,000.00 Annual transfer to cover water fund operations
390Debt Service Relief Fund20,000.00
136,329.75136,329.75
Residual:
448 Close out street projected completed in 2014102,955.76
2013 Street Overlay Improvements
3482013 Improvement Bonds102,955.76
4492013 Equipment Certificate capital- Close out capital project fund since capital items
3492013 Equipment Certificate debt- planned to be used with the equipment certificates
were purchased.
239,285.51239,285.51
City of St. Joseph
Fire Department Chargeback Admin Time
2014 Actual As of February 24, 2015
Administration
as of 2/24/15DebitCredit
Total 14 Exp. Fund 105295,521.33
Less: Capital Outlay(45,619.67)
Less: Community Room(3,306.73)
246,594.93
times 5%x 5%
$ 12,329.75
Total Admin ChargebackE105-42210-301R101-41430-34119