Laserfiche WebLink
CONSENT ITEM <br />MEMORANDUM <br />DATE: <br />August, 12, 2013 <br />TO: <br />Honorable Mayor and City Councilmembers <br />Patrick Klaers, City Administrator <br />FROM: <br />Sue Iverson, Director of Finance and Administrative Services <br />SUBJECT: <br />Interfund Transfer and Budget Adjustment for 2013 <br />Background <br />OnJuly29,2013,TheArdenHillsEconomicDevelopmentAuthority(EDA)helditsregularly <br />scheduledmeetingat6:00p.m.Atthattime,staffinformedtheCommissionersthattherewas <br />$1,027,984ofnon-incrementfundsinTIFDistrictNo.2(RoundLake)resultingmostlyfrom <br />AuctionProceeds,whichhavenotaxincrementrestrictionsonthem.Our <br />Financialconsultant,ShellyEldridgefromEhlers,recommendedthatwetransferthesefundsout <br />oftheTIFDistrictsotherewouldbenofutureconfusionastotheincrementbalancethatis <br />subject to TIF restrictions. These funds can be used for any governmental purpose. <br />CommissionerHoldenmadeamotiontotransferthesefundstothePIRcapitalfund,themotion <br />was seconded by President Grant, the motion passed 5-0. <br />Staff Recommendation <br />Motiontoapprovetransferof$1,027,984fromtheEDATIF#2RoundLakeFundtothePIR <br />Fund as well as abudget adjustment for 2013 for this same item. <br />11 <br />Page of <br />