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<br /> I <br /> I.. CITY OF ARDEN ffiLLS <br /> - <br /> MEMORANDUM <br /> I - <br /> I DATE: December 6, 1995 <br /> TO: Brian Fritsinger, City Administrator <br /> . FROM: Terrance Post, City Accountant @ <br /> I ~UBJECT: Uudate of Si!mificant Weeklv Financial Transactions <br /> This week, the City of Arden Hills has deposited $1,294,232.03 in cash receipts from two <br /> . sources. Following is a brief analysis of these transactions. <br /> December Tax Settlement <br /> I The City received $814,553.15 on December 1,1995, from Ramsey County for the tax <br /> settlement that represents property tax collections for the period from May 20, 1995 through <br /> I November 20,1995. The amount of the settlement was disappointing because of the material <br /> amount ($180,175.36) withheld for pending petitions and abatements. Investigation has revealed <br /> that of the five properties with pending petitions, 93% ($167,438) stems from one petition - the <br /> .- CPI corporate campus. <br /> Based upon this settlement, I am forecasting an estimated $102,000 (6.2%) negative deviation <br /> . against budget for the 1995 General Fund property taxes revenue category. However, I believe <br /> the positive deviation in the licenses and permits General Fund revenue category will more than <br /> offset the miss in property taxes such that there will not be an erosion of General Fund equity <br /> . balance as of December 31,1995. <br /> Ramsey County Participation in Turnback Reconstruction Projects <br /> . On December 5, 1995, the City received $479,678.88 from Ramsey County for the County's <br /> participation in the reconstruction of County Road F ($390,000.00) and Stowe Avenue <br /> ($89,678.88). The City had earlier received a $9,472.00 check from the County for County Road <br /> . F participation. This funding compares as follows to Feasibility Study estimates: <br /> I Construction Item Est. County Actual County Difference <br /> County Road F Reconstruction $400,000 $399,472 ($528) <br /> Stowe A venue Reconstruction $100,000 $89,679 ($10,321) <br /> I City Engineer Stonehouse has cautioned that the CountY has made payments based upon <br /> estimated project costs and that when actual project costs are tabulated in 1996, a small <br /> I overpayment rebate may be due Ramsey County. <br /> I. <br /> I <br />