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Item No. 9C <br />Meeting Date: March 22, 2004 <br />Type of Business: Council Business <br />Administrator Review: ______ City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Charles Hansen, Finance Director <br />Item Title/Subject: Resolution 6216 Authorizing Inter-fund Loans for the <br />Year 2003 and Setting an Interest Rate on Inter-fund <br />Loans for the Year 2004 <br /> <br />Resolution 5968 approved loans between funds as of December 31, 2002 and set the <br />interest rate on all loans at 4.0% for the year 2003. Balances as of December 31, 2002 <br />were as follows: <br /> <br />Fund Extending Loan Fund Receiving Loan Loan Amount <br />Community Fund TIF District #1 $1,818,910 <br />Special Projects Fund Recycling Fund 2,686 <br />Special Projects Fund Municipal State Aid Fund 100,821 <br />Special Projects Fund Golf Course Fund 461,058 <br />Vehicle & Equipment Fund Golf Course Fund 306,828 <br />Water Fund Golf Course Fund 250,000 <br /> TOTAL: $2,940,303 <br /> <br />I am proposing to change the organization of inter-fund loans as of December 31, 2003. <br />This will to return money to the Water Fund and the Vehicle Fund to meet the intended <br />purposes of those funds. It will also reduce loans from the Special Projects Fund so <br />that more money will be available for capital projects that are dependant on that fund. <br /> <br />The Community Fund will become the source of loans to the Golf Course in place of the <br />Special Projects Fund. The Community Fund is experiencing the rapid repayment of <br />the loan it has extended to TIF District #1. <br /> <br />Fund Extending Loan Fund Receiving Loan Loan Amount <br />Community Fund TIF District #1 $815,951 <br />Community Fund Golf Course Fund 1,330,808 <br />Special Projects Fund Recycling Fund 398 <br />Special Projects Fund Municipal State Aid Fund 115,260 <br /> TOTAL: $2,262,417 <br /> <br />The attached resolution authorizes the continuation through 2004 of inter-fund loans <br />existing on December 31, 2003. Loan balances are adjusted as of December 31, 2003 <br />to reflect 2003 operations.