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Item No. 7.F <br />Meeting Date: January 25, 2016 <br />Type of Business: Council Business <br />Administrator Review: _______ <br />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 8507 Approving Transfers Between Funds <br />for 2015 <br /> <br />The City Council included a variety of transfers between funds as part of the 2015 budget. <br />They are listed in the attached resolution in the Budget column. Resolution 8507 formally <br />authorizes the listed transfers between funds in the Actual column for the year 2015. <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 building permit revenues, higher franchise <br />fee revenue, LGA was received at the promised amount, and department expenditures <br />were slightly below budget for most departments. There is a budgeted transfer of $50,122 <br />to the Special Projects Fund, due to the favorable revenue collections and under budget <br />expenditures staff recommends that the transfer be increased to $200,000. <br /> <br />Transfers from the General Fund to support the EDA operations and projects can be <br />increased to not exceed $16,000 to cover the shortfall related to additional economic <br />development activities related to Crossroad Pointe. The Water Enterprise fund has had <br />significant activity over the past four years to catch up on deferred maintenance. <br />Temporarily postponing outgoing transfers will allow the fund to rebuild cash reserves. <br />Staff is recommending approval of resolution 8507 approving transfers between funds. <br /> <br />Respectfully Submitted, <br /> <br /> <br />____________________ <br />Mark Beer, Finance Director