CC PACKET 06122007 - Laserfiche WebLink

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MEMORANDUM DATE: May 23, 2007 TO: Mike Mornson, City Manager FROM: Roger Larson, Finance Director ITEM: INACTIVE HRA FUNDS During the audit of the 2006 accounting records, it was noted that there are three inactive HRA funds. A list of those funds and the amount of the current fund balance is as follows: 1) P/ W - Fire Building Fund $ 39,353.70 2) Community Center Bond Fund $ 1.42 3) Tires Plus Fund $192,922.44 P/ W - Fire Building Fund - The remaining cash on hand is contingency funds left over from the building of the new Public Works Building and Fire Station. Community Center Bond Fund - The remaining cash on hand is a small amount of interest earnings the fund earned prior to paying off the Community Center Bonds. Since there is no existing debt the fund is inactive and can be closed out. Tires Plus Fund - The City purchased the Tires Plus building and leased the building back to Tires Plus who made monthly rent payments to the City. As part of the Apache/Silver Lake Village redevelopment project, the building was torn down and the City owned liquor store was moved to a new location. The fund balance at that time was approximately $385,000.00. In 2005, a portion of the funds ($196,800) were used for several small improvement projects including: 1) P/ W Storage Shed Concrete Floor 2) Monument Sign/ North End 3) Tennis Court Improvement 4) Central Park - Concrete Steps 5) Skate Board Park Improvements 6) Fire Station - Warning Flasher Project 7) Wireless Internet Consultant 8) Decision Resources - City Survey 9) City Hall - Security Upgrades & Camera's 10) Emerald Park - Close Landscaping 11) City Hall - New Carpeting/Painting Since these funds are inactive, the City Auditor recommended to Staff that the inactive funds be closed and the fund balances be transferred into the I -IRA General Operating Fund.