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CONSENT G3 <br />12/10/03 <br />ITEM: Increase Budget Line Items in the Community Development Fund <br />(Fund 208) to Reflect the Funds from Metropolitan Council and also <br />Funds from Sherman Associates <br />SUBMITTED BY: Roland O. Olson, Finance Director <br />REVIEWED BY: Heather Worthington, City Administrator <br />EXPLANATION: <br />Summary: The City received funding from Metropolitan Council and Sherman Associates for <br />the SE Corner Development. These funds were not originally budgeted in the 2003 budget. <br />Even though the funds from Metropolitan Council were intended as pass through funds, these <br />funds need to be increased to the budget line items. The revenue budget line item 208-000- <br />36400 needs to be increased by $1,753,000. This includes $1,450,000 from Metropolitan <br />Council, $250,000 from Sherman Associates and an additional estimated $53,000 from Sherman <br />Associates for cost reimbursements. Also, The expense line item 208-208-89000 needs to be <br />increased to $1,750,000 to reflect the pass through expenses and also other expenses incurred by <br />• the city to be reimbursed by the developer. Staff requests approval of the increases to the <br />budget line items for both the revenue and expense line items. <br />ACTION REQUESTED: <br />• Approval of increase of revenue budget line 208-000-36400 of $1,753,000. <br />• Approval of increase to expense line item 208-208-81900 of $1,750,000. <br />U <br /> <br />