Laserfiche WebLink
• CONSENT G2 <br />3/10/04 <br />ITEM: Amend the General Fund budget expense line item for seal coating <br />and cancel the operating transfer from the General Fund to the <br />Infrastructure Fund <br />SUBMITTED BY: Roland O. Olson, Finance Director <br />REVIEWED BY: Heather Worthington, City Administrator <br />Matt Mayer, CPA, Kern, DeWenter, Viere, Ltd. <br />EXPLANATION: <br />Summary: In our 2003 General Fund budget we received MN State Street aid revenue for <br />street maintenance items such as seal coating. The 2003 budget originally had the seal coating <br />expense in the Infrastructure Fund, with an operating transfer out of the general fund to pay this <br />expense. Our auditors have recommended canceling the operating transfer of $40,000 out of the <br />General Fund to the Infrastructure Fund and recording a budget line item of seal coating in the <br />Streets account of the General Fund at $40,000 to replace this transfer. The total General Fund <br />budget expenditures would not change. <br />• ACTION REQUESTED: <br />~ Recommend establishment of a budget line item of $40,000 for seal coating in the 2003 <br />General Fund street account. Recommend cancellation of the budgeted operating transfer <br />of $40,000 out of the General Fund to the Infrastructure Fund. <br />• <br />