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Item No. 7.F Meeting Date: January 14, 2013 Type of Business: Council Business Administrator Review: _______ City of Mounds View Staff Report To: Honorable Mayor and City Council From: Mark Beer, Finance Director Item Title/Subject: Resolution 8046 Approving Transfers Between Funds for 2012 The City Council included a variety of transfers between funds as part of the 2012 budget. They are listed in the attached resolution in the Budget column. Resolution 8046 formally authorizes the listed transfers between funds in the Actual column for the year 2012. Some of the transfers can be adjusted. The transfer from the Special Projects Fund ($90,000) to the General Fund can be cancelled to preserve fund balance in the Special Projects Fund. The intent of this transfer was to off-set the cost of capital purchases that are not included with the listed equipment in the Vehicle and Equipment fund. There were no significant capital purchases this year that were not covered by the Vehicle and Equipment fund and not all capital purchases were made thus the reduction in the transfer to the General fund. Transfers from TIF Districts 1, 2, and 3 to support the EDA operations and projects can be reduced to $40,000 each, some of the budgeted activities in the EDA fund did not occur thus reducing the need for a higher transfer amount. Transfers from TIF District 5 to the EDA fund should be adjusted to correspond to 5% of the increment available to be paid. Staff is recommending approval of resolution 8046 approving transfers between funds. Respectfully Submitted, ____________________ Mark Beer