HomeMy WebLinkAbout[04e] Transfers
Council Agenda Item 4e
MEETING DATE: March 16, 2020
AGENDA ITEM: Transfers
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: None
BACKGROUND INFORMATION:
The attached transfers are split between those needed to close out 2019 and budgeted transfers for 2020.
First, the 2020 transfers move unused insurance benefits to the employee retirement reserve fund. This is
an annual transfer. The equipment certificate transfer is to reallocate computer expenses into the utility
funds where the asset will be tracked. The 2018 equipment certificates paid for the computer upgrades.
The local option sales tax transfers are annual transfers for the community center debt and portion of the
Field St. debt. The annual chargebacks are budgeted for the utility funds to pay for portions of
expenditures incurred in the general fund that relate to the utility.
The 2019 transfers are annual final transfers for the financial statements. The operating transfers move
remaining excess revenues and unused capital the reserve funds to use on future projects. The general
fund moves funds to the debt service relief fund for smaller projects the City can pay cash for. An
example is repairing the historical monument sign and replacing the Welcome to St. Joseph signs along
Minnesota St W and CSAH 75. The annual chargebacks are budgeted. The fire fund reimburses the
general fund for administrative services to manage the fund. The water fund reimbursement is to account
for water usage at the various city facilities. Finally, the Due To/Due From transfers cover deficits in
funds until revenues cover the deficits. It is typical for TIF funds to be in a deficit to cover setup costs
before full TIF receipts are made. In the case of CMCU, the TIF revenue has now covered those costs
and is reimbursing the EDA. The pumper truck debt fund deficit will be funded with fire fund debt
service relief.
BUDGET/FISCAL IMPACT: $565,231.31 between funds
ATTACHMENTS: Request for Council Action – Transfers
REQUESTED COUNCIL ACTION: Authorize the 2019 and 2020 transfers as presented.