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Item No. 7.F Meeting Date: February 22, 2010 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 7584 Approving Transfers Between Funds for the Year 2009 The City Council included a variety of transfers between funds as part of the 2009 budget. They are listed in the attached resolution in the Budget column. Resolution 7584 formally authorizes the listed transfers between funds in the Actual column for the year 2009. Some of the transfers can be adjusted. Staff recommends that the transfer to the Community Center Fund from the General Fund be reduced by $25,000 to reflect the improved performance of the Banquet Center. The transfer from the Special Projects Fund ($90,000) to the General Fund can be cancelled to preserve capital 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. Transfers to the Storm Water and Sewer funds for equipment purchases can be cancelled because the purchases were deferred. Transfers from TIF Districts 1, 2, and 3 to support the EDA operations and projects can be reduced to $25,000 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 increased to correspond to 5% of the increment available to be paid. For 2009, amounts were budgeted in the Water Fund ($60,000), Sewer Fund ($150,000), and Storm Water Fund ($40,000) to help cover part of their respective capital improvements during street reconstruction, in account 7050. Staff is recommending that these amounts be reclassified as transfers (account 9900) to the Street Improvement Fund. This will help keep the financing plan on track. Staff is recommending approval of resolution 7584 approving transfers between funds. Respectfully Submitted, ____________________ Mark Beer