HomeMy WebLinkAbout2013-04-17 PACKET 04.H.REQUEST OF CITY COUNCIL ACTION COUNCIL AGENDA
MEETING ITEM # �,�
DATE 04/17/13 � .
PREPARED BY Finance Robin Roland
ORIGINATING DEPARTMENT DEPARTMENT HEAD
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COUNCIL ACTION REQUEST
Consider resolutions approving interfund loans and closing funds for 2012.
STAFF RECOMMENDATION:
Adopt the resolutions 1) approving an interFund loan to the Golf Course and 2) closing funds
485, 564 and 565.
BUDGET IMPLICATION N/A N/A
BUDGETED AMOUNT ACTUAL AMOUNT
ADVISORY COMMISSION ACTION
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SUPPORTING DOCUMENTS
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� RESOLUTION:
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ADMINISTRATORS COMMENT
REVIEWED
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DENIED
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COUNCIL ACTION TAKEN: ❑ APPROVED ❑ DENIED ❑ OTHER
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H:\Council items\CC Action Form.doc
Cottage
� Grove
� Pride and QrOSPerity Meet
To:
From:
Date:
Subject:
Background
Mayor and City Council Members
Ryan Schroeder, City Administrator
Robin Roland, Finance Director
Brenda Malinowski, Assistant Finance Director
April 5, 2013
2012 interFund loans and closed funds
The Council is requested to consider resolutions approving interFund loans and closing funds for 2012.
These transactions will be included in the 2012 financial statements and audited as such.
Action Requested
The council is asked to adopt the two attached resolutions. The first resolution authorizes the interfund
loan and the second resolution closes funds.
RESOLUTION NO. 13-
RESOLUTION AUTHORIZING INTERFUND LOANS IN THE AMOUNT OF
$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) 250,000 For 12/31/2012
WHEREAS, this interfund loan will be repaid with interest as revenues become
available.
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 $250,000 to the Golf Course Fund
to be repaid with interest at a rate of 2.0% as revenues become available.
Passed this 17th Day of April, 2013.
Myron Bailey, Mayor
Attest:
Caron M. Stransky, City Clerk
RESOLUTION NO. 13-
RESOLUTION AUTHORIZING CLOSING CERTAIN FUNDS
WHEREAS, certain funds are no longer needed to account for City resources and may
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 are closed, and cash
balances be transferred as follows:
Fund Closed From: Fund Closed To: Amount
485-2002C Refunding Imp. Bonds 300-Closed Debt Fund ($40,809.55)
Final Bond payment has been made and remaining balances moved to
the Closed Debt fund.
564-2005 Improvement Fund 500-Completed Construction Fund 49,404.88
Close fund because construction activities are com lete includin final streets.
565-2006 Improvement Fund 500 — completed Construction Fund
Close fund because construction activities are complete includin final streets 11,990.57
Passed this 17` Day of April, 2013
Myron Bailey, Mayor
Attest:
Caron M. Stransky, City Clerk