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515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www.ci.little- canada. mn.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: Fund Transfer <br />MAYOR <br />Bill 131esener <br />COUNCIL <br />Rick Montour <br />John Keis <br />Michael McGraw <br />Shelly Boss <br />ADMINISTRATOR <br />Joel R. Hanson <br />Attached is the calculation for a transfer from the General Fund to the General Capital Improvements <br />Fund. This transfer is consistent with the City's General Fund Cash Flow Policy, and keeps the fund <br />balance on the high end of our targeted range (42.5% to 65% of budgeted General Fund <br />expenditures). There is an Interfund Loan (IFL) carried by the General Fund that we have not <br />subtracted from the fund balance in making this calculation. We will monitor the loan balance going <br />forward to insure that it is not forgotten in spending of fund balances. (Note: The interfund loans <br />have helped us to maintain higher investment returns.) <br />Staff feels we can go to the high end of the range and safely transfer $544,000 from the General Fund <br />to the General Capital Improvement Fund. Staff recommends approval of the transfer as proposed. <br />1 <br />