06-03-2008 CCM - Laserfiche WebLink

Home Browse Search

LAKE ELMO CITY COUNCIL MINUTES JUNE 3, 2008 3 - Close the MSA Construction capital projects fund with a $516,120.82 transfer to the Infrastructure Reserve capital projects fund - Close the Section 33 Utilities capital projects fund with a $105,953.20 transfer to the Infrastructure Reserve capital projects fund 2. Authorize the following inter-fund loan, effective December 31, 2007: - General Fund loan of $1,000,000 to the Village capital projects fund to temporarily finance the past and future Village project expenditures; interest to accrue at 4%; preliminarily scheduled payments of $500,000 at December 31, 2010, $400,000 at December 31, 2011, and $259,852.90 at December 31, 2012 3. Authorize the following General Fund reserves and designations of fund balance, effective December 31, 2007: - Reserved for Prepaid items: $3,823 - Reserved for Advances to Other Funds: $1,000,000 (equivalent to an internal loan to the newly created Village capital projects fund) - Designated for Cash Flow: $1,251,127 (equivalent to the remainder of General fund balance) 4. Move to amend the 2008 General Fund budget according to narrative on pages 20 and 21 and numerically detailed on pages 22 to 27 of the June 3, 2008 Finance Report presented by Joe Rigdon of KDV. 5. Extend contract for government finance services to work on next steps. - Move to extend the contract with KDV for financial services from June 30, 2008 through December 31, 208 to provide government financial management, oversight and budgeting services to comply with best financial practices for accounting and budgeting for an estimated amount of $50,000 from the general fund and enterprise funds, as appropriate. REPORTS AND ANNOUNCEMENTS: Council Member Park would like to talk about the possibility of licensing cats in the City. The Mayor adjourned the meeting at 9:00 p.m. Respectfully submitted by Sharon Lumby, City Clerk Resolution No. 2008-026 Approve Claims