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515 Little Canada Roacl, Little Canada, MN 55 117 -1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www.ci.l ittle- cnada. nm.us <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Sharon Provos, Finance Director <br />DATE: November 1, 2013 <br />RE: Closing of Fund 315 <br />MAYOR <br />13111 Blesener <br />COUNCIL <br />Rick Montour <br />John Keis <br />Michael McGraw <br />Shelly Boss <br />ADMINISTRATOR <br />Joel R. Hanson <br />The $2,205000 — 2007A General Obligation Permanent Improvement Revolving (PIR) Fund (315) was <br />set -up to account for the $2,205000 — 2007A General Obligation Bonds issued for the 2007 street <br />construction and utility improvement projects. The debt was paid off in 2012. There was a fund <br />balance in Fund 315 at the end of 2012 of $964 that can be transferred. <br />Staff is recommending the closure of the $2,205000 — 2007A General Obligation PIR Bonds Fund <br />(315) and the transfer of any remaining assets to the Infrastructure Capital Improvement Fund (450). <br />