HomeMy WebLinkAbout1998-10-21 PACKET 04.Q.REC3UEST CDF CITY COUNCIL ACTION COUNCIL AGENDA
MEETING ITE(�I #�
DATE 10/21 /98 6 �
PREPARED BY Finance Liz Johnson
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CQUNCIL ACTIO(V REQUEST
Approve resolution closing 1994A Improvemen
Debt Fund and authorize intertund transfer from
complete financing of the Pubiic Works Building
BUDGET I(�PLICATION: $
BUDGETED AMOUNT
ADVISORY COMMISSION ACTION
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PLANNIM1IG
PUBLIC SAFETY
PUBLIC WORKS
PARKS AND RECREATIO�!
HUMAN SERVICES/RIGHTS
ECONOMIC DEV. AUTHORITY
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and 19948 Improvement Funds to Closed
Closed Debt Fund to Water Operating Fund to
Expansion.
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ACTUAL AMOUNT FUNDING SOURCE
DENIED
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� MEMO/LETTEF2: 10/14/98
� RESOLUTION:
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❑ EfVGINEERING RECOMMENDATION:
❑ LEGAL RECOMMENDATION:
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AQMINISTRATORS COf�MENTS: r _._
REVIEWED
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APPROVED
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Date
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To: I-IororaUle Mayor ac� City Cowicil
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Feom: Elizabeth 7ohnson, Finance Director
Date: 10/14/98
Re: Public Works Building Transfer
Introduction
The,City Council should consider approving a resolution closing two debt funds to
the'clased debt fund and authorizing an interfund transfer to fund the remainder of
the:costs for the Public Works Building expansion.
Discussion
The Pubiic Works Building expansion was funded through a combination of
proceeds on water and sewer revenue bonds, cash on hand and future closed debt
funtis.'Total estimated project costs equal $2,500,000 and bond proceeds equaled
$1;444,759.
The 1994A and 1994 B Improvement Bonds (Funds 464l465) were called and
completely paid in February 1998. The combined cash balance of these funds at
September 30, 1998 equals $239,802.98. The Closed Debt Fund (Fund 300) has
sufficient cash balance to complete the planned $830,000 transfer.
The attached schedule shows the progress of payments to date as compared to total
estimated project costs. The estimated pro}ect costs do include the most recent
change orders that will be presented for Council approval at its regular meeting of
October 21, 1998. As you can see, the projected total costs will equal approximately
$2,559,300. This leaves a balance of $1,114,540.90 over bond proceeds that need to
be funded.
Various sources have been identified to fund the balance of the project costs. Ac
interfund transfer was completed earlier this year to fund the unexpected cost to
repair the public works roof in the amount of $80,900. Available bond funds for
Ocfo6er 14, 1998
$1,035,000 aze necessary to fund the remainder ofproject costs at this time.
Additional funds of $49,700 are available if needed.
Requested Action
Approve resolution closing debt funds 464 and 465, 1994A Improvements and
1994B Improvements to Closed Debt Fund 300. Authorize an interfund transfer
from Closed Debt Fund 300 to Water Operating Fund 610 for $1,035,000.
Enterprise Fund
Construction in Progress
1998
Water Operating
Fund 610
Public Works Expansion
Contractor
Engineer
Bonding
Other
Misc
Totai
Total Project
Total Total
To Date Project
2,002,902.60 2,455,025.08
151, 791. 99 164, 000. 00
19,930.55 19,900.00
62,677.63 10,300.00
2,693.75 10,000.00
2,239,996.52 2,659,225.08
(100,OW.00) salt storage
2,071,396.72 2,559,225.08
Bond Proceeds-1997 A$1,475,000 WaterlSewer Revenue
7/31J97 1,444,759.10 1,444,759.10
Transfers
Interfund-
Bondfunds
Other sources
Closed Debt
94Al94B Improvement
Interest on unspent
bond proceeds
Total Other sources
80,900.00 80,900.00
782, 831. 54 1, 033, 565. 98
1,D84,702.98
830,000.00
239,802.98
14,900.00
1,084,702.98
RESOLUTION NO. 98-
RESOLUTION CLOSING 1994A IMPROVEMENT BONDS {464) AND
19948 IMPROVEMENT BONDS (465) TO CLOSED
DEBT FUND (300)
WHEREAS, debt of the City has been called
WHEREAS, the funds established to account for payment of the debt can
now be ciosed
NOW THEREFORE BE IT RESOLVED, the City Council of the City of
Cottage Grove, County of Washington, State of Minnesota, the following funds
should be closed:
1994A Improvement Bonds (464)
1994B Improvement Bonds (465)
to Closed Debt Fund (300)
to Closed Debt Fund (300}
Passed this 21 st day of October, 1998.
Attest:
John D. Denzer, Mayor
Caron M. Stransky, City Clerk
RESOLUTION NO. 98-
RESOLUTION APPROViNG INTERFUND TRANSFER FROM
CLOSED DEBT FUND (300) TO
WATER OPERATING FUND (610)
WHEREAS, financing for the Public Works Buiiding Expansion calis for
use of cash availabie in the Closed Debt Fund (300)
WHEREAS, available funds exist in the Closed Debt Fund (300)
NOW THEREFORE BE IT RESOLVED, the City Council of the City of
Cottage Grove, County of Washington, State of Minnesota, the following
interfund transfer be made:
FROM TO AMOUNT
Closed Debt (300) Water Operating (610) $1,035,000
Passed this 21 st day of October, 1998.
John D. Denzer, Mayor
Attest:
Caron M. Stransky, City Clerk