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VOTO, REARDON, TAUTGES & CO., LTD. <br />CERTIFIED PUBLIC ACCOUNTANTS <br />/ Birch Lake Professional Building • 1310 E. Hwy. 96 • White Bear Lake, MN 55110 • Phone 426 -3263 <br />July 18, 1984 <br />Mr. Joseph G. Chlebeck <br />Clerk - Treasurer <br />City of Little Canada <br />515 Little Canada Road <br />St. Paul, Minnesota 55117 <br />Dear Joe: <br />JUL on 1984 <br />CITY OF <br />LJULE CANADA <br />RE: FUND CLOSINGS AND TRANSFERS <br />ROBERT I. VOTO, CPA <br />TIMOTHY E. REARDON, CPA <br />ROBERT G. TAUTGES, CPA <br />Pursuant to our meeting with the City Council last night, the following fund <br />closings, new funds, and cash /asset transfers should be effected in 1984: <br />DUE FROM (TO) OTHER FUNDS <br />The Schedule of Interfund Audit Adjustments is presented in Exhibit 8 of the <br />1983 Annual Financial Report. Upon City Council approval, these items should be <br />recorded as interfund transfers as soon as possible. <br />DISEASED TREES SPECIAL REVENUE FUND <br />These activities should be budgeted in the General Fund (as a subdivision under <br />public works) for 1985. Effect this reclassification now when you are preparing <br />the 1985 City budget. <br />This fund should be closed at December 31, 1984 and the remaining cash and other <br />assets should be transferred to the General Fund at that date. You can obtain <br />City Council approval now or at a later date in 1984. However, the City Council <br />action should stipulate the fund closing and the related transfer of assets to <br />be accomplished at December 31, 1984. <br />MUNICIPAL BUILDING BONDS DEBT SERVICE FUND <br />Final payment on the 1973 Municipal Building Bonds is due on September 1, 1984. <br />Upon this final payment, this fund should have a remaining balance of approxi- <br />mately $18,000. Last night the City Council (by consensus, but not formal <br />action) decided to use this balance to finance the pending installation of a <br />sprinkler system in the City Center including a four -inch water supply line to <br />feed this system. <br />Our original recommendation was to close this fund and transfer the remaining <br />assets to the General Fund. This recommendation was superseded by the City <br />Council last night. <br />33 <br />This fund should be closed at December 31, 1984 and the remaining assets should <br />be transferred to a new Capital Project Fund (City Center Sprinkler System) at <br />that date. You can obtain City Council approval now or at a later date in 1984. <br />However, the City Council action should stipulate the fund closing and the <br />related transfer of assets to be accomplished at December 31, 1984. <br />nllv in' wc, 1‘I1/4 4N IN1/4,11ILII Of (IRIIEIIII PI MI( \((( \l''I ANIs • I'RIA AP 1/4.0\ IP\ \Hs PR V(TICt 'IC 11ON <br />\ti.NV 01 \ S(1( -!11) (,11 (IRI HI(\ 11/4t ill 1, \\YUI \I \NTt <br />V A1i�rAI!!AAAS[.,!�4 1A1I��A•v':AAI t, �1AV.., �, A ,,A. ,1/4.4"1/41/4, <ArA,.i1/4,1/4 'VIv <br />