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CCP 05-11-1998
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CCP 05-11-1998
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<br /> Memorandum, 1997 Operating TransferslDebt Payment . <br /> Page Two <br /> May 8, 1998 <br /> (C) In light of the positive financial performance of the General Fund, transfer an additional <br /> $181,250 from General Fund No. 101 to Municipal Building Fund No. 408. This action <br /> would be similar to an extraordinary operating transfer at December 31, 1996 in the <br /> amount of $266,500.00. The result of this 1997 action would leave an approximate <br /> General Fund balanee of $550,000.00 or approximately 24% of budgeted 1997 <br /> expenditures. <br /> (D) A $31,665 operating transfer from the Community Services Fund No. 225 to the Program <br /> Fund No. 226 was budgeted to subsidize the recreation program operating deficit. <br /> However, based upon positive Program Fund results, staffrecommends redueing the <br /> transfer to $23,000.00. <br /> (E) During 1997, Fund No. 522 was closed and fund assets and liabilities were transferred <br /> into the Economic Development Authority (EDA). The $324,999.88 liability to the PIR <br /> Fund for Kem Milling site project costs were split between TIF District #1 (Round Lake <br /> Housing) - $99,999.88; and TIF District #2 (Round Lake Office) - $225,000.00. Staff <br /> recommends a debt payment in the amount 01'$39,999.88 from Fund No. 703 (TIF <br /> District #1) to the PIR Fund No. 501. The result of this action would leave an EDA <br /> December 31, 1997, liability to the PIR Fund for Kern Milling project costs of . <br /> ,~~,~f)O:OO: , <br /> /1 O. -';"k-~:c:-" <br /> J.,>s:= --- '-; f-V :;/'I!; <br /> . ~. <br /> (F) TIF District #2 (Round Lake Offiee) incurred significant Gateway development costs <br /> during 1997. Sinee bonds for these public improvements were not issued llntil 1998, <br /> Fund No. 704 has a need for short-term financing. Staff recommends a $200,000.00 eash <br /> advance from the PIR Fund No. 501 to TIF District #2 Fund No. 704 in the amount of <br /> $200,000.00. This liability will be repaid to the PIR Fund in 1998. <br /> If Council agrees with staff recommendations A through F above, they should authorize staff to <br /> book such transactions as of December 31, 1997, at the May II, 1998 Council meeting. <br /> . <br />
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