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• <br /> MEMORANDUM <br /> DATE: September 4, 1996 <br /> TO: Mike Mornson, City Manager <br /> FROM: Roger Larson, Finance Director <br /> ITEM: COMIVI[.1NITY CENTER SITE EvIPROVEMENTS/CHANDLER T.I.F. <br /> List below is a recap of the Chandler Tax Increment Finance District's fund balance: <br /> $ 769,256.90 12/31/95 Fund Balance (Audited) <br /> ($ 402,006.00) Community Center Debt Service Funding <br /> • ($ 150,000.00) Nedegaard/Evergreen Townhomes(Committed by Unspent) <br /> $ 255,280.00 Estimated 1996 Tax Revenue <br /> $ 600,000.00 Retirement of Original Note <br /> ($ 100,000.00 Proposed Community Center Site Improvements Transfer <br /> $ 972,530.90 Estimated 8/31/96 Fund Balance <br /> Based on this analysis, I am comfortable with the transfer of $100,000.00 of Chandler T.I.F. <br /> Funds for Community Center Site Improvements. <br /> In addition, as a point of information for future projects, because of the commitment this District <br /> has to the City Hall/Community Center Project, I am recommending the fund balance not go <br /> below $500,000. This will provide adequate reserves equal to two years of bond payments of <br /> approximately $250,000 each. <br /> • <br />