CC PACKET 05051998 - Laserfiche WebLink

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. To comply with the League's recommendations, St. Anthony designates its reserves for inclusion in the annual audit/financial report. Presentation of the auditors review of the 1997 accounting records is scheduled for the May 7th Council Worksession. Upon examination of the 1997 audited financial records, staff has documented the designation of all Fund Balance Reserves and is providing Council with the following information for review and consideration: RECOMMENDATION: A) Council designate the following funds as Restricted Use Funds: 1) #201 General Fund Reserve Fund 2) #205 MSA Construction Fund 3) #225 Recycling & Beautification Fund 4) #230 Police Forfeiture/Dare Fund 5) #240 Crime Prevention Fund 6) #301 Housing & Redevelopment Fund 7) #401 Capital Equipment Fund 8) #503 Road Improvement Bond Fund 9) #504 Street Improvement Construction Fund 10) #601 Community Service Center Fund 11) #701 Water/Sewer Fund 12) #702 Stormwater Improvement Fund 13) #704 Water Contamination Fund 14) #705 Liquor Fund 15) #901 Retirement/Serverence Fund General Fund Reserves: ($284,185.47) B) Council designate reserves totaling $ 20,000.00 from Lauderdale/Falcon Heights contract reserves to fund any unanticipated insurance claims. C) Council transfer contract reserves totaling $ 40,505.18 to Fund #509 Capital Equipment D) Council transfer cable reserves totaling $17,856.55 to Fund #509 for future cable & communication equipment purchases. E) Council designate reserves totaling $ 1,707.22 to replenish costs incurred for MFRS legal expenses (Total Reserves = $ 15,000.00). F) Council designate reserves totaling $ 7,885.73 to replenish costs incurred for Schnitzer legal expenses (Total Reserve = $ 50,000.00) H) Council transfer reserves totaling $ 36,000.00 to Fund #509 to increase funding for Underground Storage/Gas Tank Removal (Total Reserve = $ 82,000.00).