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Home My WebLink About[04e] Transfers Council Agenda Item 4e MEETING DATE: December 7, 2015 AGENDA ITEM: Transfers—For 2015 Financial Year SUBMITTED BY: Finance BOARD/COMMISSION/COMMITTEE RECOMMENDATION: Fire Board approved paying for 6 radios from the police dept. PREVIOUS COUNCIL ACTION: Council approved 2015 budget in December 2014. Council adopted Debt Management Study in June 2015. BACKGROUND INFORMATION: The Operating transfers include transfers from the WAC/SAC funds to cover bond payments in Water/Sewer. A portion of the bond payments were anticipated to come from new connection fees. The $1,800 transfer is to reimburse the police dept for radios transferred to the fire dept when the police dept upgraded their radios in 2015. The Due To/Due From transfer was anticipated when setting the debt levy. Reserves in the debt fund were used. The Debt Management Study shows a debt levy scale over the remaining bond payments to cover the deficit. The general fund will be reimbursed by the end of the bond. The Residual transfers are to close out the debt funds since their final bond payments were made in Nov. 2015; and final tax receipts received Dec. Is`. Funds 322 and 344 will be closed at the end of 2015. BUDGET/FISCAL IMPACT: $57,266.40 between funds ATTACHMENTS: Request for Council Action—Transfers Transfers Summary REQUESTED COUNCIL ACTION: Authorize the 2015 transfer as requested. City of St. Joseph, Minnesota Transfers Requested December 7,2015 for 2015 Financial Year Fund Description Amount In Amount Out Purpose Operating: ..... ..... ..... ...... ..... 601 Water Fund 32,600.00 Annual transfer for 2012 water revenue bonds 501 Utility Extension Charges-WAC 32,600.00 for wells/water filtration plant project(2005D) ............................................................................................................................................................................................................................................ ............................................................................................................................................................................................................................................ 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............................................................................................................................................................................................................................................ ............................................................................................................................................................................................................................................ ............................................................................................................................................................................................................................................ 490 General Capital Equipment 1,800.00 6 PD radios transferred to FD 105 Fire Fund 1,800.00 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............................................................................................................................................................................................................................................ ............................................................................................................................................................................................................................................ 602 Sewer Fund 15,700.00 Annual transfer for St Cloud PFA Loan 502 Utility Extension Charges-SAC 15,700.00 for WWTP project ............................................................................................................................................................................................................................................ ............................................................................................................................................................................................................................................ ............................................................................................................................................................................................................................................ ............................................................................................................................................................................................................................................ 50,100.00 50,100.00 Due To/Due From Other Funds: 347 2011A GO CIP Bonds 6,600.00 Cover deficit until future levies come in for the bond 101 General Fund 6,600.00 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Residual: 322 2005 City Hall Bonds 4.82 Close out City Hall bonds in 2015 390 Debt Service Relief 4.82 final payment made ............................................................................................................................................................................................................................................ ............................................................................................................................................................................................................................................ ............................................................................................................................................................................................................................................ ............................................................................................................................................................................................................................................ 344 2010 Equip Certificates 561.58 Close out Equip Certificates in 2015 101 General Fund 561.58 final payment made 57,266.40 57,266.40