CCAgenda_04Dec8 - Laserfiche WebLink

Home Browse Search

CONSENT GS 12/8/04 ITEM: Establish the Special Revenue Fund Budgets For 2004 including amendments on Special Revenue Funds for 2004. SUBMITTED BY: Roland O.Olson, Finance Director REVIEWED BY: Heather Worthington, City Administrator EXPLANATION: Summary: One of the requirements of our Comprehensive Annual Financial Report is to compare the budgeted line items to the actual, both for revenue and expenditures for all Special Revenue Funds. We need to formally recognize these budgeted special revenue funds so they can be used as comparative data in our CAFR. Also, for 2004, three of these special revenue funds will need to be amended. The Water Fund (204) has already been amended to reflect the transfer of funds to the Public Safety Capital Fund (402) for a new fire engine in 2005. The Solid Waste Special Revenue Fund (206) experienced increased costs associated with the Solid Waste Study on Organized Collection. The other special revenue fund that needs to be amended is the Community Development Special Revenue Fund (208) to reflect the activity in the South East Corner Redevelopment. We received an asbestos abatement grant ($74,773) from the Metropolitan • Council which was a pass through expense paid to the developer of the SE Corner. In addition, the city returned approximately $18,000 to Sherman Associates from previous deposits made to offset costs on the redevelopment that have already been covered, per an agreement with Sherman Associates. List of Special Revenue Funds: Parks Program Special Revenue Fund (201). Original budget: $25,730 (No change) Water Special Revenue Fund (204): Original budget $7,128 previously amended to $165,000. Solid Waste (206): Original budget: $40,802. Need to increase budget by $4,000 to be a total of $44,802. To allow for increased costs from the Solid Waste Study about organized collection. CERT 2004 Special Revenue Fund (207); Original budget : $4,664 (no change). Community Development Special Revenue Fund (208): Original budget was $20,520, but needs to be amended up to $105,000 to allow for the additional expenses of the SE Corner Redevelopment. Lawful Gambling, Special Revenue Fund (209: Original Budget $1,612. (No change) ACTION REQUESTED: ^ Motion to adopt the Special Revenue Funds as stated, along with amendments. • a7