CCAgenda_05Feb23 - Laserfiche WebLink

Home Browse Search

. CONSENT G3 2/23/05 ITEM: Amendment to Special Revenue Funds 204 and 208 for 2004 Budget SUBMITTED BY: Roland O.Olson, Finance Director REVIEWED BY: Heather Worthington, City Administrator EXPLANATION: Summary: Fund 204: 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. When the original budget for the Water Fund (204) was originally set up for 2004, the amount to finish the final paving lift due to the water main line replacement was not known. During 2004, the project was completed and pay estimates for this work were approved by the council and payments have been made. However, the budget line items need to be amended for both the revenue and the expenditure portion of the project to reflect this activity. Staff recommends amending and increasing the infrastructure budget line item 204-204-94700 by $18,000 for the final expenses on this project in 2004. Also, we will need to amend the revenue item 204-000-33611 to reflect reimbursement of these expenses from St Paul Water Utility. There will therefore be an appropriate match of revenues and expenditures for the completion of this project. Fund 208: The Community Development Special Revenue Fund (208) also needs to be amended to reflect the amount of the asbestos abatement revenues received from the Metropolitan Council for the SE 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. Staff recommends amending revenue budget line item 208-000-36400 for $75,000. We have already amended the expenditure line item to reflect this additional expense, but we still need to formally amend the revenue line item. ACTION REQUESTED: • Formally adopt the Special Revenue Fund budget changes to Fund 204 and Fund 208 as stated above