02/26/81 Agenda & Packet - Laserfiche WebLink

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TO: Councilmember Forslund FROM: Don Brager, Finance Director-Treasurer • DATE: February 23, 1981 RE: Silver View Park Fund In response to your request of February 23, 1981 for an itemized accounting of Fund 468 - Silver View Park , I have attached Statements of Revenues and Expenses for the years ended December 31, 1979 and December 31 , 1980 and Balance Sheets for the years ended December 31 , 1979 and December 31 , 1980. The fund was established in 1979 with the receipt of State of Minnesota grant funds totaling $60 ,475.00 for acquisition and development of Silver View Park. Our auditors recorded the federal share due the City as a revenue of $60 ,475.00 in 1979. Since we did not receive the money as of December 31 , 1979 the federal share of the grant, $60 ,475.00 , was recorded on the Balance Sheet for the year ended December 31 , 1979 as an Account Receivable. Interest earned in 1979 amounted to $1,894.02. During 1980 interest earned amounted to $7 ,503.65. Total interest earned during 1979 and 1980 was $9 ,397.67. The federal share of the grant was not received during 1980 and remains as an Account Receivable on the Balance Sheet for the year ended December 31 , 1980. At the September 8, 1980 Regular Council Meeting a transfer from General Fund contingency of $2,550.00 to the Silver View Park Fund was authorized to help pay the cost of engineering studies . Total 1980 Revenues are thus $10 ,869.61. Expenses during 1980 were $490.00 for legal expenses and $1 ,311. 56 for an engineering feasibility study. Total 1980 expenses for the year ended December 31, 1980 were $1 ,801.56 (see attached Statement of Revenues and Expenses for the Year Ended December 31 , 1980) . Additionally you inquired as to which accounts were charged when check Number • 17165 payable to M & E Realty in the amount of $136,500.00 was recently issued. This check was issued pursuant to Council directive given at the February 9 , 1981 Regular Meeting. The local share of $34,125.00 was charged to Revenue Sharing Fund Account 200-120-4701 due to the fact that the local share for acquisition and development had been budgeted in 1978 and 1979 respectively. The balance of the check , $102,375.00 was charged to Silver View Park Fund Account 468-120-4701 , causing a temporary deficit in the fund until the federal share for acquisition and development is received. At the time the check was issued sufficient funds were on hand in our checking account to cover the check. Should you have any questions do not hesitate to call me at 784-3055 extension 39. Attachments : cc: Mayor & Council •