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CONSENT ITEM MEMORANDUM DATE: July 29, 2013 TO: Honorable Mayor and City Councilmembers Patrick Klaers, City Administrator FROM: Sue Iverson, Director of Finance and Administrative Services SUBJECT: Interfund Transfers and Budget Adjustments for 2013 Background On July 9, 2012, staff discussed fund balances with the City Council at a worksession during a CIP discussion. At that time, two fund balance transfers were discussed and Council consensus was to bring them forward for approval. The first of these was a transfer of $188,893 from the PIR fund to the Park Fund to cover the deficit balance from 2011expenditures from the Safe Routes to School and Elmer L. Anderson trail project. While we used Park dedication fees and grants, there still remains costs that we need to cover from the PIR Fund. The 2012 audit and financials show a 2012 deficit balance of $70,126, which we will need to do in 2013 as a transfer and a budget adjustment. The second was a transfer from the General Fund to the EDA Operating Fund of $124,955. This was the transfer of the Presbyterian Homes Conduit Debt Fee to the EDA Operating Fund to fund EDA activities until a permanent funding source could be found. The EDA Operating Fund currently receives excess increment from the County as a result of the Round Lake TIF District. This will discontinue in 2015 when the district decertifies. In 2011, a tax petition on some properties in the district was settled and the amount of TIF received was reduced as well as the excess TIF received. In 2012, we received an additional $30,000 in Conduit Debt Fees on this project that needs to be transferred and a budget adjustment made to the 2013 budget. Staff Recommendation Motion to approve transfers of $70,126 from the PIR Fund to the Park Fund and $30,000 from the General Fund to the EDA Operating Fund, as well as budget adjustments for 2013 for these same items. 11 Page of