Laserfiche WebLink
515 Lane Canada Road. Little Canada, MN 55117-1600 <br />(6511 766 -4029 / FAX: (651) 766 -4048 <br />www.d.little-canada.mn.us <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Shelly Rueelcert, Finance Director <br />DATE: May 20, 2011 <br />RE: 2010 Fund Transfers <br />MAYOR <br />Bill M3lesener <br />COUNCIL. <br />Rick Monlour <br />John K¢Is <br />Michael McGraw <br />Shelly Boss <br />ADMINISTRATOR <br />Joel R. Hanson <br />Attached is the 2010 Fund transfers summary. Fund Transfers are budgeted each year for debt <br />service, fund to fund operating reimbursements, and depreciation expense. Additionally fund <br />transfers to close inactive funds or to pay for assessments on City owned property are budgeted <br />or proposed as needed. Lastly the City's annual reserve transfer included in the attached schedule <br />is calculated to maintain a general fund reserve that is approximately 50% of the 2011 general. <br />This reserve and related transfer is proposed in lieu of the current reserve policy. As you know <br />one of the 2011 goals is to redefine the City's reserve policy. The reserve calculated for 2011 is <br />considered a reasonable general fund reserve to meet the City's 2011 cash flow needs. A formal <br />reserve policy will be in place later this year which will be used to determine the City's 2012 <br />General Fund Reserve. Staff is recommending that the Council approve the annual transfers as <br />proposed along with the modified general fund reserve calculation. <br />1 <br />