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4(g)
Council Agenda Item
MEETING DATE:
November 2, 2015
AGENDA ITEM:
Transfers – For 2015 Financial Year
SUBMITTED BY:
Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION:
None
PREVIOUS COUNCIL ACTION:
Council approved 2015 budget in December 2014.
BACKGROUND INFORMATION:
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With the bond payments due December 1, it is time to transfer funds to cover the payments. Also, the
transfer of the 2015 single family WAC/SAC incentive is included. These transfers are classified as
operating transfers.
The Due To/Due From transfer was anticipated when the two new TIFs were approved. TIF revenue will
begin flowing in after construction is completed and an increased market value is realized in a couple
years. The EDA agreed to cover the TIF establishment costs until the TIF revenue comes in. The balance
sheet will show a payable/receivable for these borrowed amounts in the meantime.
BUDGET/FISCAL IMPACT:
$398,450 between funds
ATTACHMENTS:
Request for Council Action – Transfers
Operating Transfers Summary
REQUESTED COUNCIL ACTION:
Authorize the 2015 transfer as requested.
City of St. Joseph, Minnesota
Transfers
Requested November 2, 2015 for Financial Year 2015
FundDescriptionAmount IAmount OuPurpose
nt
Operating:
602Sewer Fund105,000.00 Annual transfer for the St. Cloud PFA Loan
502Utility Extension Charges - SAC105,000.00 2015 remaining allocation\]
601Water Fund30,000.00 Transfer from debt service relief fund to help cover
390Debt Service Relief Fund30,000.00 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
601Water Fund7,000.00 Annual transfer for 2014 water bond payment for
602Sewer Fund7,000.00 addition Main Lift Station improvement costs
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
318Utility Ext (2002 Improvements)60,000.00 Annual transfer for 2002 bond payments
601Water Revenue30,000.00 for 2002 SE utility extension/ CSAH 121 utilities/
602Sewer Revenue30,000.00 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.
390Debt Service Reserve10,000.00
reimburse WAC/SAC incentives provided in 2015
501WAC Fund8,000.00
for single family homes
502SAC Fund2,000.00
601Water Fund70,000.00
Annual transfer of WAC fees for debt payments
501Water Fund70,000.00
601Water Fund30,000.00
1st Ave NE Trunk Fees to pay for project costs.
501Water Fund30,000.00
(portion received from Resurrection Lutheran Church)
Due To/Due From Other Funds:
150 Cover deficits in TIF funds until TIF revenues11,000.00
EDA
152 are received to cover to costs to develop.6,000.00
TIF 3-1 CMCU
159 5,000.00
TIF 2-3 Bayou Blues Alley Flats
398,450.00398,450.00
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