CCP 02-09-1998 - Laserfiche WebLink

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CITY OF ARDEN HILLS . MEMORANDUM DATE: February 5, 1998 TO: Brian Fritsinger, City Administrator FROM: Terrance Post, City Accountant @ SUBJECT: 1997 Budget Amendment No.2 Request Backl!round Council earlier took action on November 10, 1997 to amend the adopted 1997 Budget to reflect Development/Redevelopment activities in the Economic Development Authority rather than Fund No. 522. 1997 Budget Amcndment No.2 Rationale The adopted 1997 Budget reflected an estimated $1,000,000 in City Hall construction costs in Fund No. 408 that was funded by operating transfers from Fund No. 315 ($700,000), and Fund . No. 501. Due to delays in obtaining access to the building site, construction on the project did not begin in 1997. 1997 Budget Amendment No.2 Relluest Staff recommends that Council consider further amending the adopted 1997 Budget as follows under the Consent Calendar at the February 9, 1998 regular Council meeting. 1. Reduce the Operating Transfer Out to the Municipal Land and Building Fund (No. 408) from the Advance Refunding Bonds of 1985 Fund (No. 315) from $700,000 to $- 0 -; and 2. Reduce the Operating Transfer Out to the Municipal Land and Building Fund (No. 408) from the Permanent Improvement Revolving Fund (No. 501) from $300,000 to $- 0 -; and " Reduce Operating Transfers In of the Municipal Land and Building Fund (No. J. 408) from the Advance Refunding Bonds of 1985 Fund (No. 315) from $700,000 to $- 0 -, and from the Permanent Improvement Revolving Fund (No. 501) from $300,000 to $- 0 -; and 4. Reduce planned expenditures in the Municipal Land and Building Fund (No. 408) for Architects Fees from $25,000 to $10,000, and for Construction Contract Costs . from $975,000 to $- 0 -.