HomeMy WebLinkAbout[04e] Transfers
Council Agenda Item 4e
MEETING DATE: November 20, 2017
AGENDA ITEM: Transfers
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: Council accepted debt management plan in May 2017 and adopted
the 2017 budget in Dec. 2016.
BACKGROUND INFORMATION:
Operational transfers move funds from one fund to another. The transfers represent funding for the bond
payments, annual street sweeping reimbursement and annual compost site reimbursement.
Due To/Due From Other Funds represent funds borrowed between city funds. The first two transfers are
pay backs for funds borrowed in 2016 to cover cash deficits; the last due to transfer is an additional
amount needed to cover a cash deficit in the Bayou Blues TIF 2-3. The borrowing will be reimbursed
when TIFs come in after the building is constructed.
BUDGET/FISCAL IMPACT: $417,525 between funds
ATTACHMENTS: Request for Council Action – Transfers
REQUESTED COUNCIL ACTION: Authorize the operating and due to/from transfers as presented.
City of St. Joseph, Minnesota
Transfers
Requested November 20, 2017 for Financial Year 2017
FundDescriptionAmount InAmount OutPurpose
Operating:
602Sewer Fund80,000.00 Annual transfer for the St. Cloud loans
502Utility Extension Charges - SAC80,000.00 and St. Joseph sewer bond payments
3382006C GO Bonds-Interior Streets18,000.00 Annual transfer for 2006 bond payment
601Water Revenue6,000.00 for the interior streets utility improvements.
602Sewer Revenue6,000.00
651Storm Water Utility Revenue6,000.00
601Water Fund7,000.00 Annual transfer for 2014 water bond payment for
602Sewer Fund7,000.00 addition Main Lift Station improvement costs
602Sanitary Sewer Fund15,000.00 Annual transfer for 2009A debt service payment
502Utility Extension Charges - Sewer DBL Trunk15,000.00 for 2001 sewer transportation improvements.
2009A GO Bonds-121,Business Park, SE
318Utility Ext (2002 Improvements)65,000.00 Annual transfer for 2002 bond payments
601Water Revenue35,000.00 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.
601Water Fund200,000.00 Annual transfer of WAC fees for debt payments
501Water Fund200,000.00
101General Fund 101-43120-36300 14,000.00 Annual Transfer for Street Sweeping costs
651Storm Water Fund 651-49900-302 14,000.00
101General Fund 101-43120-36300 2,225.00 Annual transfer for compost permits/old site pile
603Refuse Fund 603-43230-302 2,225.00(admin staff time/loader reimbursement)
Due To/Due From Other Funds:
347 2011A GO CIP Bonds pay back funds borrowed in 2016 to cover700.00
101 General Fund cash deficit700.00
153 Fortitude TIF 4-1 pay back funds borrowed in 2016 to cover150.00
150 EDA Fund cash deficit150.00
159 Bayou Blues TIF 2-3 cover cash deficit in TIF Fund2,200.00
150 EDA Fund will be reimbursed after bldg is constructed2,200.00
417,525.00417,525.00
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