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Item No. 9H <br />Meeting Date: March 14, 2005 <br />Type of Business: Council Business <br />Administrator Review: _______ <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Charles Hansen, Finance Director <br />Item Title/Subject: Resolution 6477 Approving Transfers Between Funds <br />for the Year 2004 <br /> <br /> <br />The City Council approved a variety of transfers between funds as part of the 2004 <br />budget. These are listed on the attached resolution in the Budgeted Amount column. <br /> <br />The City Council also approved two other transfers between funds in separate <br />resolutions. First was the transfer of $33,430 from the Special Projects Fund to the <br />General Fund to support the acquisition of a police records system. Second was the <br />transfer of $265,747 from the Community Fund to the Golf Course to reimburse the Golf <br />Course for legal and soil correction costs associated with defects that occurred during <br />construction. These two transfers have already been made. <br /> <br />Resolution 6477 approves transfers the remaining between funds for the year 2004. <br />Many of the transfers are in the amount originally approved in the 2004 budget. In <br />several cases, operating results during 2004 dictate that a different amount be <br />transferred. <br /> <br />The Office of the State Auditor recommends that the General Fund’s fund balance <br />should be in the range of 30% to 50% of the next year’s budgeted expenditures. In <br />order to stay at the high end of this range, I am recommending that some reductions be <br />made in budgeted 2004 transfers from other funds into the General Fund. <br /> <br />Specific General Fund reductions are that the transfer of $90,000 from the Special <br />Projects Fund and the transfer of $15,000 from the Golf Course be cancelled and that <br />the transfer of $201,000 from the Vehicle and Equipment Fund be reduced to $80,000. <br />This will help the other funds that also have budgetary stresses of their own. <br /> <br />Transfers from the TIF Districts to the EDA can be reduced in 2004 because large sums <br />were spent for the Edgewood Regional Pond in 2001, but the grants intended to cover <br />that spending didn’t come in. The grants were received in 2002, which then covers <br />other normal EDA spending in 2002, 2003, and part of 2004. Only a small transfer of <br />$17,979 is needed from the TIF Funds to the EDA Fund in 2004. <br /> <br />The transfer from the TIF District #1 to the Bonds of 2001A is greater than budget