HomeMy WebLinkAbout2010-04-07 PACKET 04.J.REQUEST OF CITY COUNCIL ACTION COUNCIL AGENDA
MEETING ITEM #
DATE 4 -7 -10
121 a ml "_
Finance
ORIGINATING DEPARTMENT
STAFF AUTHOR
COUNCIL ACTION REQUEST
Adopt resolutions approving interfund transfers and the closing of funds.
STAFF RECOMMENDATION
Adopt resolutions approving interfund transfers and the closing of funds.
BUDGET IMPLICATION
BUDGETED AMOUNT
ADVISORY COMMISSION ACTION
DATE
❑ PLANNING
❑ PUBLIC SAFETY
❑ PUBLIC WORKS
❑ PARKS AND RECREATION
❑ HUMAN SERVICES /RIGHTS
❑ ECONOMIC DEV, AUTHORITY
SUPPORTING DOCUMENTS
® MEMO /LETTER:
® RESOLUTION:
❑ ORDINANCE:
❑ ENGINEERING RECOMMENDATION:
❑ LEGAL RECOMMENDATION:
❑ OTHER:
ADMINISTRATORS COMMENTS
REVIEWED
El
El
Date
COUNCIL ACTION TAKEN: [APPROVED ❑ DENIED [_] OTHER
20/0 411
ACTUAL AMOUNT
APPROVED
DENIED
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G:An"nante \Council Items \2010ACC Action interfund loam Closed Funds.doc
CITY OF
MINNESOTA
COTTAGE GROVE
To: Honorable Mayor and City Council
Ryan Schroeder, City Administrator
From: Robin Roland, Finance Director
Brenda Peper, Financial Analyst
Date: March 25. 2010
Subject: 2009 Interfund Transfers and Closed Funds
ICI
The Council is requested to consider resolutions approving interfund transfers and
closing funds for 2009. If they are approved, they will be included in the 2009 financial
statements.
Discussion
Interfund transfers
The following table summarizes the operating transfers that are proposed.
Transfer From Fund Transfer To Fund Amount
575 -Sewer Area Fund 563 -2004 Improvement Projects Fund 146,220.51
Record transfer to account for construction activity(expense) that was
recorded in the 2004 Improvements Projects Fund but the
assess ments(revenue) for this construction activity was recorded in
the Sewer Area Fund.
510 - Future Project Fund 506- Pavement Management Fund 500,000.00
Record transfer from the Future Projects Fund to the 2008 Pavement
Management project for the amount that per Council Meeting 3/18/09
was to be funded by some of the past collections of the future
pavement management debt levy.
2009 loans and closed funds
page 2
Equity Transfers to Close Funds
Listed below are the funds that have been set up in prior years but are no longer
needed.
Fund Closed From: Fund Closed To: Amount
526 -Ice Arena Construction Fund 250 -Ice Arena Operating Fund (86,344.31)
Close fund because ice arena expansion project is now complete.
536 -TIF 1 -9 Construction Fund 336 -TIF 1 -9 Debt Service Fund 191,352.33
Close TIF 1 -9 funds because district was decertified in 2009 and bonds
were paid in full in 2009.
366 -04C GO CIP Bond Fund 300 - Closed Debt Fund (27,442.46)
Close fund because 2004C GO CIP Bonds were paid in full in 2009.
476 -98A Improvement Bond Fund 300 - Closed Debt Fund
Close fund because 1998A Improvement Bonds were called in 2009 per (860.091.36)
Council action 7/15/09. Cash in Closed Debt Fund was used to call
bonds early.
489 -09C GO Refunding Bond
481 -OOA Improvement Bond Fund Fund 68,190.88
Close fund because OOA Improvement Bonds were refunded in 2009 with
2009C GO Refunding Bonds.
Options
1. Adopt the attached resolutions as presented
2. Change any of the items and /or the amounts included in the request
3. Request additional information from staff
Staff Recommendation
We recommend that the resolutions be approved as presented.
Action Requested
The council is asked to adopt the two attached resolutions. The first resolution
authorizes the interfund transfers and the second resolution closes funds.
RESOLUTION NO. 10-
RESOLUTION APPROVING INTERFUND TRANSFERS BETWEEN FUNDS
WHEREAS, certain interfund transfers have been determined to be necessary in the
completion of the 2009 financial statements.
NOW THERFORE BE IT RESOLVED, by the City Council of the City of Cottage Grove,
County of Washington, State of Minnesota, that the following interfund transfers be
made and the budget adjustments be approved for these transfers:
From
To
Amount
575 -Sewer Area Fund
563 -2004 Improvement
Projects
$146,220.51
51 - Future Project Fund
560- Pavement M gmt Fund
$500,000.00
Passed this 7th Day of April, 2010.
Myron Bailey, Mayor
Attest:
Caron M. Stransky, City Clerk
RESOLUTION NO. 10-
RESOLUTION AUTHORIZING CLOSING CERTAIN FUNDS
WHEREAS, certain funds may now be closed.
NOW THERFORE BE IT RESOLVED, by the City Council of the City of Cottage Grove,
County of Washington, State of Minnesota, that the following funds be closed, and cash
balances be transferred as follows:
Fund Closed From: _ Fu nd Cl To:
Amount
526 -Ice Arena Construction Fund 250 -Ice Arena Operating Fund
(86,344.31)
Clo fund because ic ar ena exp ansion project is now complete.
_ _
536 -TIF 1 -9 Construction Fund 336 -TIF 1 -9 Debt Service Fund
( 191,352.33
Close TIF 1 -9 funds because district was decertified in 2009 and bonds were
aid in f ull in 2009.
366 -04C GO CIP Bond Fund 300 - Closed Debt Fund
(27,442.46)
Close fund because 2004C GO CIP Bonds were paid in full in 2009.
476 -98A Improvement Bond Fund 300 - Closed Debt Fund
Close fund because 1998A Improvement Bonds were called in 2009
per Council action 7115/09. Cash in Closed Debt Fund was used to call
bonds early.
(860.091.36
481 -OOA Improvement Bond Fund 489 -09C GO Refunding Bond Fund
68,190.88
Close fund because OOA Improvement Bonds were refunded in 2009 with 2009C
GO Refunding Bonds.
Passed this 7th Day of April, 2010.
Myron Bailey, Mayor
Attest:
Caron M. Stransky, City Clerk