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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />DATE: June 18, 1998 <br />TO: Mayor & City Council <br />FROM: Julie Manville -Camp <br />Accountant <br />RE: DEVELOPER DEPOSIT FUND 801 <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />As part of the 1995 audit process, Tautges, Redpath & Co. recommended that the city take action <br />to write off several receivable and payable balances relating to developer deposits that were <br />deemed uncollectible. At that time the Council did approve the audit recommendations; <br />however, due to the uncertainty surrounding these account balances, staff hesitated to write off <br />these amounts without further investigation. As you may remember, these developer deposits <br />relate to the initial developer deposit fund which was established many years ago, and do not <br />relate to developer transactions occurring in the last eight years which are accounted for in a <br />separate fund. <br />Kathy Glanzer and I have recently done some additional research on the receivables and <br />payables in this fund and as a result were able to identify developer reimbursements credited to <br />this fund that should have initially been credited to other city funds. As a result, we were able to <br />transfer $1,227 to the General Fund, $3,927 to the Infrastructure Capital Improvement Fund, and <br />$3,020 to two TIF funds. We have determined, however, that the final fund balance of <br />($1,694.97) will not be collectible and it is our recommendation that this negative balance be <br />transferred to the General Fund and that Developer Deposit Fund 801 be closed. <br />/jmc <br />Page 127 <br />