HomeMy WebLinkAbout[04h] Transfers Council Agenda Item 4h
MEETING DATE: March 6, 2017
AGENDA ITEM: Transfers
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: None
BACKGROUND INFORMATION:
The due to/due from transfer listed are to move funds from the general fund to the 2011 bond fund to
cover a cash deficit in the bond fund at 12/31/16. Cash deficits are not allowed in the financial
statements. The deficit will be covered by future debt levy collections.
The operating transfers are annual transfers to cover reimburse costs incurred by the other dept. The fire
fund is charged 5% of the operating expenditures for administrative general fund services. The second
entry is the water usage by each department reimbursed back to the water fund.
The operating transfer below is an annual transfer to the retirement reserve fund for insurance benefits
budgeted, but employees opted not to select the coverage. The funds below will be transferred to Fund
102 in the 2016 reporting year.
General Fund $31,500.00
Water Fund $715.00
Sewer Fund $1,435.00
Refuse Fund $715.00
Total $34,365.00
Below is the transfer request for reporting year 2017:
General Fund $13,000.00
Water Fund $770.00
Sewer Fund $1,540.00
Refuse Fund $770.00
Total $16,080.00
BUDGET/FISCAL IMPACT: $53,213.14 between funds
ATTACHMENTS: Request for Council Action—Transfers
Summary of Transfers
REQUESTED COUNCIL ACTION: Authorize the 2016 and 2017 transfers as requested.
City of St. Joseph, Minnesota
Transfers
Requested March 6,2017 for 2016 Financial Year
Fund Description Amount In Amount Out Purpose
Operating:
101 General Fund 101-41430-34118 11,964.91 Annual transfer from fire fund to
105 Fire Fund 105-42210-301 11,964.91 general fund for administrative services
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101 General Fund 101-45202-210 7,966.85 Annual chargeback water usage for
101 General Fund 101-41941-210 3,366.56 other City functions.
101 General Fund 101-41942-210 3,218.81
101 General Fund 101-45201-210 190.45
602 Sewer Fund 602-49450-210 130.65
105 Fire Fund 105-42220-210 150.92
601 Water Fund 601-00000-37111 15,024.23
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26,989.14 26,989.14
Residual:
447 2011 City Hall Roof/PD Garage - Close out capital project fund completed in 2016
347 2011 Bonds -
26,989.14 26,989.14
Due To/Due From Other Funds:
347 2011A GO CIP Bonds 700.00 Cover cash deficit in sewer fund at year end
101 General Fund 700.00
700.00 700.00