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Also, recent information published from the League indicates the State of Minnesota will • <br /> audit liquor operations. In fiscal year '91 St.. Anthony realized an excellent profit from <br /> operations ($154,185). Therefore, I feel it's in the City's best interest to designate a portion <br /> of these funds towards capital equipment purchases. These funds would be transferred from <br /> liqour 4/M reserves (beginning '91 balance of$74,000 and ending balance of $258,000). <br /> Also, included in the 1991 financial statements is the Housing and Redevelopment annual <br /> interest-earnings.. These-funds_should-be-designated--to-establish=funding-for-future--H.R:A:-- - — <br /> Construction Projects. <br /> RECOMMENDATION: <br /> A) Council accept the 1991 audit report and designate the following reserves: <br /> 1) #101 General Fund <br /> Working Capital $519,745 <br /> Insurance Reserve $199,127 <br /> 2) #201 General Fund Reserve <br /> Municipal Buildings $499,921 <br /> 3) #301 H.R.A. $ 60,850 <br /> 4) #401 Capital Equipment $ 26,849 <br /> 5) #503 Improvement Bonds Fund • <br /> Municipal Buildings $663,081 <br /> Capital Equipment $213,548 <br /> 6) #509 Revolving Improvement Fund <br /> Street Improvement Projects $167,530 <br /> 7) #901 Retirement Fund <br /> Severance Payments $ 25,274 <br /> B) Council designated the following as Reserved/Restricted Use Funds: <br /> 1) #205 MSA Construction Fund <br /> 2) #225 Recycling & Beautification Fund <br /> 3) #230 Police Forfeiture/Dare Fund <br /> 4) #601 Community Service Center Fund <br /> 5) #701 Water/Sever Fund <br /> 6) #704 Water Contamination_Fund <br /> C) Council designate $100,000 of 1991 Liquor Profits towards the purchase of capital <br /> equipment. <br /> D) Council designate H.R.A. interest proceeds totaling $856,727.75 to establish funding for <br /> future H.R.A. Construction Projects <br />