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Ito <br />MEMORANDUM <br />DATE: December 23, 1996 <br />TO: Mike Mornson, City Manager <br />FROM: Roger Larson, Finance Director <br />ITEM: NEW CITY HALL /COMMUNITY CENTER REPORT <br />Construction of the new City Hall is nearing completion. The following is a recap of the <br />revenues and expenditures we have spent to date: <br />Revenues: <br />Sale of Bonds $2,640,325.00 <br />Donation/Pruessner $ 500.00 <br />City Funds: <br />General Reserves $1,179,047.00 <br />Cable Reserves $ 74.656.00 <br />Total $3,894,528.00 <br />Expenditures: (Approved through 12/18/96) <br />1996 Expense (Audited) ($ 260,526.36) <br />1997 Y -T -D ($2.391,923.36 <br />Total $2,652,449.72 <br />BALANCE UNSPENT $1,242,078.28 <br />As a point of information, the H.R.A. received the bond proceeds in December of 1995. <br />However, payments to the contractor did not start until late spring of 1996. Because of this time <br />lag and the fact that payments are spread out over the construction life, interest earnings on the <br />money has been significant. <br />Early calculations indicate the additional interest earnings total approximately $50,000. As we <br />are aware, funding for tennis courts and park modifications becomes an issue once the building <br />is completed. It would be my recommendation to dedicate these interest earnings to contribute <br />to the funding of those projects. <br />A <br />