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CITY OF ST JOSEPH Council Agenda Item 104c1
MEETING DATE: January 9,2017
AGENDA ITEM: Transfers
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: None
BACKGROUND INFORMATION:
The operating transfers listed are to move funds from the SAC fund to the sewer fund to cover some of
the cash deficit in the sewer fund at 12/31/16. Cash deficits are not allowed in the financial statements.
The second operating transfer is to pay back the debt service reserve from for funds borrowed by the
water fund in 2015 to cover water debts. The water rates are now covering operations and debts.
The first due to/due from transfer is to cover the remaining cash deficit in the sewer fund at year end.
When the sewer fund becomes more stable,the funds will be returned to the debt service reserve fund.
The second due to/due from transfer is a pay back for funds borrowed in 2015 to cover bond payments in
the 2011 GO CIP bonds.
BUDGET/FISCAL IMPACT: $134,400 between funds
ATTACHMENTS: Request for Council Action—Transfers
Summary of Transfers
REQUESTED COUNCIL ACTION: Authorize the 2016 transfers as requested.
City of St. Joseph, Minnesota
Transfers
Requested January 9,2017 for 2016 Financial Year
Fund Description Amount In Amount Out Purpose
Operating:
602Sewe rFund:.; 44,800.00 Annual transfer
forSt Cloud PFA Loan
502 utility.Extension Charges-SAC.::::::::...........:.:.: ...............::.......44,800.00for WWTP project:::::::::::::.::::::::::::::::.:::::::::.:.::::::::::.
601 Water Fund 53,000.00 Pay back funds borrowed for water debt
390 Debt Service Reserve Fund 53,000.00 payments in 2015
Due To/Due From Other Funds:
602 Sewer Fund 30,000.00 Cover cash deficit in sewer fund at year end
390 Debt Service Reserve Fund 30,000.00
347 2011A GO CIP Bonds 6,600.00 Pay back funds borrowed in 2015 to cover
101 General Fund 6,600.00 cash deficit in 2011 bond fund
134,400.00 134,400.00