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MEMORANDUM <br /> DATE: April 7, 1995 <br /> TO: Mike Morrison, City Manager <br /> FROM: Roger Larson, Finance Director <br /> ITEM: LIQUOR STORE RENOVATIONS <br /> I have reviewed St. Anthony Liquor Operations to substantiate funding for renovation of City <br /> Liquor Operations. Currently, liquor reserves and investments as of 4/30/95 has a balance of <br /> $250,346. <br /> The following is a recap of those dollars: <br /> 1) $ 102,309 Bond Reserve Account <br /> 2) $ 33,132 Bond Payment Account <br /> • 3) 114,905 General Reserve Account <br /> $ 250,346 Total reserves <br /> The bond reserve & bond payment accounts are restricted funds: They are required reserves <br /> related to the sale of the 1987 Liquor Store Revenue Bonds. Under the terms of the sale, <br /> reserves equal to 1 years annual payment must be kept in escrow. The bonds will be paid in <br /> full in January of 1998 and these reserves cannot be used until that time. <br /> However, the general reserve account with a balance of $ 114,905 can be used to fund the <br /> renovations. This account is used to maintain reserves from past years liquor profits. <br /> Previously, the City has used reserves in this account to fund fire trucks and other capital <br /> equipment expenditures. <br /> Recommendation: <br /> Council authorize funding of proposed liquor renovations and computer upgrades ("not to exceed <br /> $50,000") from the Liquor Operations General Reserve Account. <br /> • <br />