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Lthe4-yu <br /> 411 <br /> TO: Mayor & Council <br /> FROM: Don Brager, Finance Director - Treasurer <br /> Mary Saarion, Director of Parks, Recreation, & Forestryie <br /> DATE: April 12, 1990 <br /> SUBJECT: Cash Balance of the Park Improvement Fund <br /> During a review of the Mounds View Business Park Construction <br /> Fund this March it was discovered that the cost of curb and <br /> gutter and paving of the Silver View Park parking lot were <br /> inadvertantly charged to the Business Park Construction Fund. <br /> The work on the parking lot was a change order to the contract <br /> with C.W. Houle for public improvements at the Business Park. <br /> The total contract was in excess of $800, 000. The charges of <br /> $54, 990. 69 for the parking lot were two lines on page 8 of a <br /> 15 page invoice. They were not noticed until the final costs <br /> of the contract for the Business Park improvements were compared <br /> to budget and found to be over budget. The reason for the the <br /> contract being over budget was the change order for the Silver <br /> Park parking lot work. These costs should have been paid for <br /> with money from the Park Improvement and General Funds. The <br /> General Fund's share of the parking lot paving had been included <br /> in the 1989 Budget and money had already been transferred from <br /> the General Fund to the Park Improvement Fund. To correct this <br /> situation money was transferred from the Park Improvement Fund <br /> to the Mounds View Business Park Construction Fund to reimburse <br /> it for the costs of the Silver View Park parking lot. <br /> This matter is being brought to your attention because prior to <br /> - • . - e par ing o <br /> were inadvertantly charged to the Mounds View Business Park <br /> Construction Fund information was given to you on the cash <br /> balance of the Park Improvement Fund. That cash balance has been <br /> reduced by $54, 990. 69, the cost of paving the Silver View Park <br /> parking lot. The cash balance of the Fund as of March 31, 1990 <br /> is $38, 605.95. Costs of the park shelter had been paid prior to <br /> March 31 and the donations for the shelter from the Mounds View <br /> Lions and the New Brighton Eagles had also been received prior <br /> to March 31. <br /> Should you have any questions on this matter please do not <br /> hesitate to contact us. <br /> • DB\MS\ts <br />