HomeMy WebLinkAbout2012-06-06 PACKET 04.K.REQUEST OF CITY COUNCIL ACTION COUNCIL AGENDA
MEETING ITEM #
DATE 6 -6 -12
PREPARED BY Finance Robin Roland
ORIGINATING DEPARTMENT STAFF AUTHOR
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COUNCIL ACTION REQUEST
Adopt resolutions approving interfund loans and the closing of funds.
STAFF RECOMMENDATION
Adopt resolutions approving interfund loans and the closing of funds.
BUDGET IMPLICATION
BUDGETED AMOUNT ACTUAL AMOUNT
ADVISORY COMMISSION ACTION
❑ PLANNING
❑ PUBLIC SAFETY
❑ PUBLIC WORKS
❑ PARKS AND RECREATION
❑ HUMAN SERVICES /RIGHTS
❑ ECONOMIC DEV. AUTHORITY
SUPPORTING DOCUMENTS
REVIEWED
APPROVED
DENIED
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® MEMO /LETTER:
® RESOLUTION:
❑ ORDINANCE:
❑ ENGINEERING RECOMMENDATION
❑ LEGAL RECOMMENDATION:
❑ OTHER:
ADMINISTRATORS COMMENTS e 7'
Administrator
Date
COUNCIL ACTION TAKEN: ❑ APPROVED ❑ DENIED ❑ OTHER
G: \finance \Council Items\2012 \CC Action Interfund Loans Closed Funds.doc
CITY OF COTTAGE GROVE
MINNESOTA
To: Honorable Mayor and City Council
Ryan Schroeder, City Administrator
From: Robin Roland, Finance Director V
Brenda Peper, Assistant Finance Director
Date: May 31, 2012
Subject: 2011 Interfund loans and Closed Funds
Background
The Council is requested to consider resolutions approving interfund loans and closing
funds for 2011. These transactions are included in the 2011 financial statements that
were presented this evening.
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 loans and the second resolution closes funds.
RESOLUTION NO. 12-
RESOLUTION AUTHORIZING INTERFUND LOANS IN THE AMOUNT OF
$200,000 and $250,000 TO GOLF COURSE FUND (640)
WHEREAS, The Golf Course requires cash for operations; and
WHEREAS, the interfund loan can be made to the Golf Course Fund (640) from the
following fund:
Amount
ED Trust Fund (286) 200,000 For 12/31/2010
ED Trust Fund (286) 250,000 For 12/3112011
WHEREAS this interfund loans will be repaid with interest as revenues become
available; and
NOW THERFORE BE IT RESOLVED, by the City Council of the City of Cottage Grove,
County of Washington, State of Minnesota, that an Interfund Loan be completed and
included in the Financial Statements in the amount of $200,000 and $250,000 to the Golf
Course Fund to be repaid with interest at a rate of 2.0% as revenues become available.
Passed this 6th Day of June, 2012.
Myron Bailey, Mayor
Attest:
Caron M. Stransky, City Clerk
RESOLUTION NO. 12-
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: Fund Closed To:
Amount
270 - Public Safety Grants 100 - General Fund
$4,699.45
Close fund because there are no current public safety grants that must
be accounted for in a separate fund.
484 -2002B & 2003B Bond Fund 300 - Closed Debt Fund
2,699,888.30
Close fund because bonds were called by City on 2/1/2011 per Council
resolution 2010 -168. Per this resolution the funds for calling these bonds were to
come from the debt se rvice fund 484 and Closed Debt Fund (300).
Passed this 6th Day of June, 2012.
Myron Bailey, Mayor
Attest:
Caron M. Stransky, City Clerk