Agenda Packets - 2004/04/12 - Laserfiche WebLink

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The Community Center should also be building a reserve to pay for future, major repairs such as replacing a roof, furnace, parking lot, or other significant building structures. The YMCA contract calls for this reserve to be built at the rate of $20,000 per year. An extra $100,000 is included the 2003 transfer to make up for the years 1999 through 2003. We recently completed the first ever analysis of the Vehicle and Equipment Replacement Fund. It was not surprising that the funding was deficient since it wasn’t know in the past what level of transfers should be made to the fund. It is proposed to transfer $260,000 in addition to the budgeted $75,000 to meet this need. Two transfers from the General Fund to the Special Projects Fund should be made. The first was approved by the City Council in Resolution 6151, which positioned $43,745 to be available in 2004 for the acquisition of the police records management system. Second, is a transfer of $960,000 to get the General Fund’s balance down to the level recommended by the Auditor. This also positions resources where the City Council can best utilize them in the future on large capital projects. Transfers from the TIF Districts to the EDA can be forgone in 2003 because large sums were spent for the Edgewood Regional Pond in 2001, but the grants intended to cover that spending didn’t come in. The grants were received in 2002, which then covers other normal EDA spending in 2002 and 2003. No transfer from the TIF Funds to the EDA Fund is needed in 2003. The transfer from the TIF District #1 to the Bonds of 2001A is greater than budget because it is calculated based upon a percentage of taxes collected on the Mermaid and these were greater than expected. Respectfully Submitted, ____________________ Charles Hansen