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Item No: 5.G. <br />Meeting Date: December 9, 2019 <br />Type of Business: Council Consent <br />Administrator Review: ____ <br /> <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 9206 Authorizing a Budget Adjustment Between the <br />Street Improvement Fund and TIF District 1 Special Revenue <br />Fund <br /> <br /> <br />Background: <br />The City Council approved reconstruction of Woodale Drive and the Street Improvement Capital <br />Projects Fund has a budget of $700,000 for that purpose. The sale of the 3 parcels that form <br />Crossroad Pointe have and will provide funds to reconstruct Woodale Drive in 2019 and Quincy <br />Street in 2020. Both qualify as TIF eligible expenditures. By reconstructing substandard streets <br />within TIF District 1 and 3 and using up the land proceeds will allow us to closeout those funds <br />going forward. For 2019, $400,000 will need to be reprogramed from the Street Improvement <br />Fund (485-4470-7050-322) to TIF District 1 Special Revenue Fund (410-4650-7050-322). The <br />sale date was unknown and thus we did not budget for the reconstruction within the TIF fund. <br /> <br />Recommendation: <br />Staff recommends increasing account 410-4650-7050-322 and reducing 485-4470-7050-322 by <br />$400,000 resulting in no overall increase. <br /> <br />Respectfully submitted, <br /> <br /> <br /> <br />Mark Beer, Finance Director <br />