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Item No. 7G Meeting Date: February 23, 2009 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 7411 Approving Transfers Between Funds for the Year 2008 The City Council included a variety of transfers between funds as part of the 2008 budget. They are listed in the attached resolution in the Budgeted Amount column. Resolution 7411 formally authorizes the listed transfers between funds for the year 2008. Some of the transfers can be adjusted. Staff recommends that the transfer to the Community Center Fund from the General Fund be reduced by $10,000 to reflect the improved performance of the Banquet Center. 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 $45,000 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 reduced to correspond to 5% of the increment paid to the developer. Transfers between the TIF funds were requested by the State Auditor with regard to reclassifying amounts in our 2007 TIF reports. For 2008, amounts were budgeted in the Water Fund ($30,000), Sewer Fund ($60,000), and Storm Water Fund ($10,000) 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 7411 approving transfers between funds. Respectfully Submitted, ____________________ Mark Beer