HomeMy WebLinkAbout[04f] Transfers Council Agenda Item 4f
CITY OF S'C JIISBPn
MEETING DATE: April 18, 2016
AGENDA ITEM: Transfers
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: Council approved capital improvement plan bonds for the
government center financing. Bids were accepted on the project. Council approved providing a$5,000
WAC/SAC incentive for new construction single family homes up to ten homes.
BACKGROUND INFORMATION:
In 2011 the city issued capital improvement plan bonds to make improvements to the police garage and
current city hall. Before the city hall mechanical improvements were made, council began looking at
options for a government center. It was irresponsible to spend city funds on the current building until a
decision was made on the government center. The city held the capital fund open with the reserves
invested. With the decision to build a government center in a new location, it was determined to
reallocate the 2011 bond reserves for the new facility. The current facility is being sold as is.
The transfer is moved partially into the government center bond fund and partially into the capital project
fund. The bonds are structured to pay the first two interest payments with the reserved funds,the balance
for capital expenditures.
Residual Transfer transfer in transfer out
447 - 2011 capital fund $174,042.45
301 —2016 CIP bonds $90,000.00
401 —2016 Gov't Center $84,042.45
The operating transfer below is to reimburse the WAC/SAC fund for the final four new single family
home permits issued in 2016. This will close out the incentive Council approved from the Jade Road
improvement bonds residual funds.
Operating Transfer transfer in transfer out
390—Debt Service Reserve fund $20,000.00
501 —WAC fund $16,000.00
502—SAC fund $4,000.00
BUDGET/FISCAL IMPACT: $194,042.45 between funds
ATTACHMENTS: Request for Council Action—Transfers
REQUESTED COUNCIL ACTION: Authorize the 2016 transfers as requested.
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