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~/GGG~ <br />~ i>ti~t~ i ~ °- <br />~z~ <br />~i ~~~ <br />O~ ~ t ~.LGGLLG VGL/GCG~Cf. <br />515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 766-4029 /FAX: (651) 766-4045 <br />www. ci.little-canada.mn.us <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Shelly Rueckert, Finance Director <br />DATE: May 7, 2009 <br />RE: 2008 Fund Transfers <br />MAYOR <br />Hill 131esener <br />COUNCIL <br />Rick Montour <br />John Keis <br />Michael McGraw <br />Shelly Boss <br />ADMINISTRA7I~R <br />Joel R. I-]anson <br />Attached is a summary of the 2008 Fund Transfers. These represent reoccurring transfers <br />budgeted for in 2008. Certain amounts may vary from budget as budget amounts were <br />estimates. The exception to this general statement is that the transfer of depreciation <br />expenses fol• the Water Fund was set at $50,000 less than depreciation in order to <br />maintain an adequate cash balance in the Water Fund. The reduction is substantially <br />equal to the operating losses of the Water Fund for the two previous years. The reduced <br />transfer will not be significant to the Water Sewer Replacement Fund as that fund has <br />cash and fund balances sufficient for scheduled needs. <br />Staff recommends approval of the 2008 transfers as proposed. <br />