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AGENDA ITEM 1G STAFF ORIGINATOR Al Rolek MEETING DATE December 20, 2004 TOPIC Consideration Resolution 04 -193 Authorizing Fund Transfers To And Closing Of The 1997 And 1998 Construction Funds VOTE REQUIRED BACKGROUND Simple Majority In 1997 and 1998 the City Council approved improvement projects and awarded contracts for the realignment of Otter Lake Road and Service Road, Lakes Addition Street and Utilities, Lake Drive Trunk Utilities, Apollo Drive Phase III and 21st Avenue Utilities. The improvement projects have since been completed and contracts have been finalized. Funding for these projects was to have come from a variety of sources including bonds, general property taxes, Anoka County, transfers from the Area and Unit Fund and the Stormwater Management Fund, and future special assessments. However, the transfers from the Area and Unit Fund and the Stormwater Management Fund for these projects have not been made to date. During the course of planning and final approval of the projects there were changes in project scope and other factors, such as easement acquisition, that affected the total cost of the projects. Because of this and because the transfers from the Area and Unit Fund and the Stormwater Management Fund were not made at the time, deficits remain in the 1997 and 1998 Construction Funds. It is in the best interest of the City, and sound financial management, to make transfers to the construction funds to eliminated the deficits and to close the funds for these completed project. Therefore, staff recommends that the City Council adopt Resolution 04-194 which authorizes the fund transfers and closes the 1997 and 1998 construction funds. OPTIONS 1. Adopt Resolution 04-193 Authorizing Fund Transfers To And Closing Of The 1997 And 1998 Construction Funds. 2. Refer back to staff for further review. RECOMMENDATION Option 1