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Honorable Mayor and Members of the City Council
<br />City of Link Lakes
<br />Page 19
<br />Analysis of Certain Capital Project Funds
<br />1997 Construction Fund
<br />This fund is being used to account for the Otter Lake Road Realignment and Otter Lake Service Road
<br />projects. Here is a summary of the expenditures through 1998.
<br />Otter Lake Road Realingment
<br />Otter Lake Service Road
<br />Investment Earnings
<br />Financing
<br />Source
<br />98A Bonds
<br />Bond
<br />Proceeds
<br />$ 1,300,085
<br />Investment
<br />Earnings
<br />$
<br />8,051
<br />$ 1,300,085 8,051
<br />Expenditures
<br />to date
<br />$ 1,572,813
<br />123,750
<br />1,696,563
<br />Remaining
<br />to Spend
<br />(overspent)
<br />$ (272,728)
<br />(123,750)
<br />8,051
<br />(388,427)
<br />The 1998 A G.O. Improvement bonds provided $1,300,085 toward financing the "realignment" project
<br />and $1,563,605 has been spent through 1998 on this project. The "service road" project has not had a
<br />financing source transferred into this fund as of the end of 1998. In this fund the city will need to
<br />identify an additional $379,219 of sources to close out this fund. We realize that there are usually other
<br />financing sources for a project other than bond proceeds and often these transfers are made after the
<br />project is complete. As was noted in the "Debt Service Funds" section of this report it is evident that not
<br />alt the anticipated special assessment rolls for these projects have been adopted. We recommend that
<br />staff investigate the disposition of all anticipated special assessment rolls.
<br />We also recommend that the city adopt a strategy for budgeting "multi-year" projects which will serve to
<br />identify the funding sources for each of the projects and to provide for the ongoing monitoring of project
<br />balances from month to month by entering these budgets into the finance system. See our additional
<br />discussion in the "auditor comments" section located earlier in this report. Once the projects have been
<br />completed, the financing sources identified and transfers made into this fund, the fund should be
<br />closed.
<br />1998 Construction Fund
<br />This fund is being used to account for the Lakes Drive Utility, Lakes Addition, 21st Ave Street & Utilities
<br />and the Apollo Drive Phase III projects. Here is a summary of the expenditures through 1998.
<br />21st Ave Street & Utilities
<br />Apollo Drive Phase III
<br />Lake Drive Utility
<br />Lakes Addition
<br />Investment Earnings
<br />Financing Bond
<br />Source Proceeds
<br />98A Bonds
<br />98B Bonds
<br />2,400,565
<br />1,980,000
<br />Investment
<br />Earnings
<br />76,742
<br />$ 4,380,565 76,742
<br />Expenditures
<br />to date
<br />$ 73,358
<br />41,617
<br />1,126,892
<br />2,009,898
<br />3,251,765
<br />Remaining
<br />to Spend
<br />(overspent)
<br />$ (73,358)
<br />(41,617)
<br />1,273,673
<br />(29,898)
<br />76,742
<br />$ 1,205,542
<br />
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