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C/GGI� O// etz> Yh1— L.000LG VCCncza <br />MAYOR <br />13111 Blesener <br />COUNCIL <br />Rick Montour <br />Barbara Allan <br />John Keis <br />Michael McGraw <br />515 Little Canada Road, Little Canada, MN 55117-1600 ADMINISTRATOR <br />(651) 766 -4029 / FAX: (651) 766-4048 Joel R. Hanson <br />www.ci.little-eanada.mn.us <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Shelly Rueckert, Finance Director <br />DATE: May 23, 2008 <br />RE: 2007 Fund Transfers <br />Attached is a schedule of transfers recorded for 2007. These transfers are consistent with <br />the City's transfer policies and past practice. Additionally, based on available cash flow, <br />annual interfund loan payments of the following amounts were made. <br />® Interfund loan payments totaling $112,000 were made from Fund 440 (TIF 3 -2, <br />Rice & Little Canada Road) to Fund 450 (Infrastructure Fund). This amount is <br />comprises of $46,468.78 of interest and $65,531.22 of principal. <br />® Interfund loan payments totaling $56,859.52 for 2007 were made from Fund 480 <br />(TIF 2 -2, Painters Union) to Fund 604 (Water Sewer Capital Replacement). This <br />amount is comprises of $18,677.44 of interest and $38,182.08 of principal. <br />Staff is recommending the Council approve the transfers reflected in the attached <br />schedule and the interfund loan payments detailed above. <br />