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Item No. 7.C <br />Meeting Date: January 26, 2015 <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 8367 Approving Transfers Between Funds <br />for 2014 <br /> <br />The City Council included a variety of transfers between funds as part of the 2014 budget. <br />They are listed in the attached resolution in the Budget column. Resolution 8367 formally <br />authorizes the listed transfers between funds in the Actual column for the year 2014. <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 transfer from the Special Projects Fund ($90,000) to the General Fund can be <br />cancelled to preserve fund balance in the Special Projects Fund. The General Fund has a <br />surplus due to higher building permit revenues, higher franchise fee revenue, conduit debt <br />issuance fees, LGA was received at the promised amount, and department expenditures <br />were slightly below budget for most departments. Staff has discussed with Council the <br />possibility of transferring this surplus to the Special Projects Fund. General Fund transfers <br />created the Special Projects Fund many years ago. Staff recommends transferring <br />$825,000 from the General Fund. The Debt service fund will make a final debt payment on <br />February 1, 2015. Staff recommends transferring $87,000 to the Special Projects fund. <br /> <br />Transfers from the General Fund to the Community Center fund can be reduced by $5,000 <br />due to better fund performance. <br /> <br />The transfer from TIF District 2 to TIF District 1 will off-set a court petition settled at the end <br />of 2014. Transfers from TIF Districts 2 and 3 to support the EDA operations and projects <br />can be reduced to not exceed $10,000 each, some of the budgeted activities in the EDA <br />fund did not occur thus reducing the need for a higher transfer amount. Transfers from TIF <br />District 5 to the EDA fund should be adjusted to correspond to 5% of the increment <br />available to be paid. Staff is recommending approval of resolution 8367 approving <br />transfers between funds. <br /> <br />Respectfully Submitted, <br /> <br /> <br />____________________ <br />Mark Beer