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<br />Item No. 7 G <br />Type of Business: CA <br />WK: Work Session; PH: Public Hearing; <br />CA: Consent Agenda; CB: Council Business City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Charles Hansen, Finance Director <br />Item Title/Subject: Resolution No. 5673 Approving 2001 Transfers <br />Date of Report: December 28, 2001 <br /> <br />Attached is Resolution 5673 approving transfers for the 2001 budget year. There <br />are changes in transfers between funds since the budget was adopted. <br /> <br />Transfers between the Vehicle & Equipment Fund and the Water and Sewer Funds <br />were found to not be in balance in the adopted 2001 budget. Each fund’s budget <br />expected to receive more in transfers in than the other fund expected to pay in <br />transfers out. In was necessary to reduce transfers in and increase transfers out to <br />make them balance. <br /> <br />In the case of the transfers from the Vehicle & Equipment Fund to the Water and <br />Sewer Funds, the amount was set based upon the budgeted expense for vehicle <br />purchases in 2001. <br /> <br />In the case of the transfers from the Water and Sewer Funds to the Vehicle & <br />Equipment Fund, the amount was set at $15,000 each, which splits the difference <br />between the budgeted transfers and appears to be a reasonable compromise. <br /> <br />Further study of planned future vehicle purchases, the adequacy of current <br />resources in the Vehicle & Equipment Fund, and appropriate contributions from <br />other funds, needs to be done prior to working on the 2003 budget. <br /> <br /> <br />Respectfully Submitted, <br /> <br /> <br /> <br /> <br />Charles Hansen <br />