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4, <br /> CITY OF <br /> FALCON HEIGHTS <br /> i <br /> 2077 W. LARPENTEUR AVENUE FALCON HEIGHTS, MN 55113 -5594 PHONE (612) 644 -5050 FAX (612) 644 -8675 <br /> 7 May 1993 <br /> MEMO <br /> TO: Mayor and Councilmembers <br /> FROM: Susan Hoyt, City Administ tor <br /> RE: Explanation of key fund transfers <br /> Now that the annual financial report for 1992 is completed and <br /> all fund balances and reserves are known, it is time to make some <br /> fund transfers. Three categories may interest the council. <br /> 1. Infrastructure <br /> a. Staff recommends transferring the balance of $115,823 <br /> in the 1982 bond fund and transferring additional <br /> general fund revenue accrued in 1992 of $217,723 into <br /> the infrastructure fund to guarantee that costs for the <br /> 1993 street project and future infrastructure <br /> projects will be financially sound. <br /> This action will leave the city with a 45% capital <br /> operating reserve to cover city expenditures between <br /> revenue from the county. The auditor and finance <br /> director concur with this. <br /> b. Staff recommends transferring $14,569 of the December <br /> 23, 1992 local government aid payment that was reserved <br /> for some form of property tax relief into the <br /> infrastructure fund. This will provide direct property <br /> tax relief by assisting the city with its share of <br /> infrastructure construction projects while maintaining a <br /> balanced assessment policy and not taxing outside the <br /> levy for these activities. <br /> c. Total transfer to infrastructure is $347,041. <br /> HOME OF THE MINNESOTA STATE FAIR AND THE U OF M INSTITUTE OF AGRICULTURE <br /> 40 PRINTED ON RECYCLED PAPER <br /> TREE CITY LIM <br />