HomeMy WebLinkAbout[04e] Transfers
Council Agenda Item \[04e\]
MEETING DATE: December 17, 2018
AGENDA ITEM: Transfers
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: Council approved the early call of the 2011A CIP bonds with the
change in usage in the city facility. The 2018 budgets/fees set to cover operations and bond payments.
BACKGROUND INFORMATION:
Operational transfers move funds from one fund to another. The operating transfers are annual transfers
to fund bond payments as adopted when the bonds were issued. The amounts are updated with the debt
service management study in the spring each year.
The Due To/Due From transfers are to cover deficits in TIF funds. As the TIFs are established,
professional services are incurred prior to TIF receipts coming in. As TIF is received, the administrative
fees withheld payoff the professional services when the TIF was established. The EDA fund covered the
costs at the time of establishment.
The Residual transfers close out paid off bond funds and close out project funds once final pay
application is approved by the city council. In this request, three debts were paid in full and one
construction project was completed (included with this meeting).
BUDGET/FISCAL IMPACT: $358,987.78 between funds
ATTACHMENTS: Request for Council Action – Transfers
REQUESTED COUNCIL ACTION: Authorize the transfers as presented.
City of St.Joseph,Minnesota
Transfers
Requested December 17,2018 for Financial Year 2018
Fund Description Amount In Amount Out Purpose
Operating:
602 Sewer Fund 40,000.00 Annual transfer for the St.Cloud loans
502 Utility Extension Charges-SAC 40,000.00 and St.Joseph sewer bond payments
338 2006C GO Bonds-Interior Streets 18,000.00 Annual transfer for 2006 bond payment
601 Water Revenue 6,000.00 for the interior streets utility improvements.
602 Sewer Revenue 6,000.00
651 Storm Water Utility Revenue 6,000.00
601 Water Fund 7,000.00 Annual transfer for 2014 water bond payment for
602 Sewer Fund 7,000.00 addition Main Lift Station improvement costs
602 Sanitary Sewer Fund 15 000.00 Annual transfer for 2009A debt service payment
502 Utility Extension Charges-Sewer DBL Trunk 15,000.00 for 2001 sewer transportation improvements.
345 20108 GO Bonds-16th Ave 13,250.00 Annual transfer for 2010B debt service payment
651 Storm Water Utility Fund 13,250.00 for 2010 16th Ave improvements.
601 Water Fund 200,000.00 Annual transfer of WAC fees for debt payments
501 Water Fund 200,000.00
304 2016B GO Bonds-Field Street 20 000.00 Portion of Field St covered by local option sales
200 Local Option Sales Tax Fund 20,000.00 tax as part of the transportation funding for debt pmt.
Due To/Due From Other Funds:
152 CMCU TIE 3-1 5,500.00 pay back funds borrowed in 2016 to cover
150 EDA Fund 5,500.00 cash deficit
159 Bayou Blues TIF 2-3 2,600.00 cover cash deficit in TIF Fund
150 EDA Fund 2,600.00 will be reimbursed after bldg is constructed
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Residual Transfers:
............................
347 2011A GO CIP Bonds 3,687.57 Close bond fund-early
payoff
ayoff in 2018.
390 Debt Service Relief Fund 3,687.57 Residuals placed in debt service reserves.
405 2017 Street Improvements-CBD Alleys 26,127.16 Project finaled 12-17-18. Residual funds
305 2017B Go Bonds-CBD Alleys 26,127.16 transferred into the bond funds.
349 2013 Equipment Certificates 2,610.39 Close bond fund-final pmt in 2018.
101 General Fund 2,610.39 Residuals placed in general fund for CEP.
343 2009B GO CIP Bonds 5,212.66 Close bond fund-final pmt in 2018.
390 Debt Service Relief Fund 5,212.66 Residuals placed in debt service reserves.
358,987.78 358,987.78
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