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Item No. 7.A <br />Meeting Date: January 23, 2017 <br />Type of Business: Council Business <br />Administrator Review: _______ City of Mounds View Staff Report <br /> <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 8699 Approving Transfers Between Funds <br />for 2016 <br /> <br />The City Council included a variety of transfers between funds as part of the 2016 budget. <br />They are listed in the attached resolution in the Budget column. Resolution 8699 formally <br />authorizes the listed transfers between funds in the Actual column for the year 2016. <br />Some of the budgeted transfers can be adjusted. The Council can direct staff to make <br />additional changes if it desires. <br /> <br />The General Fund has a surplus due to higher franchise fee revenue, LGA was received <br />at the promised amount, and department expenditures were slightly below budget for <br />most departments. There is a budgeted transfer of $75,000 to the Special Projects Fund, <br />due to the favorable revenue collections and under budget expenditures staff <br />recommends that the transfer be increased to $375,000. <br /> <br />The 2004 Street Improvement Bonds have been retired with a cash balance of $3,125 <br />remaining. City code directs that the residual balance be transferred to the benefited <br />capital project fund which is the Street Improvement Capital Projects fund. <br /> <br />The Water Enterprise fund has had significant activity over the past five years to catch up <br />on deferred maintenance. Temporarily postponing outgoing transfers will allow the fund <br />to rebuild cash reserves. Staff is recommending approval of resolution 8699 approving <br />transfers between funds. <br /> <br />Respectfully Submitted, <br /> <br /> <br />____________________ <br />Mark Beer, Finance Director