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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.