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<br />~ <br />~HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />April 24, 2007 <br /> <br />4K <br /> <br />TO: Honorable Mayor and City Council <br />Michelle Wolfe, City Administrator <br /> <br />FROM: Sue Iverson, Finance Director~ <br /> <br />SUBJECT: Transfer from the General Fund to Surface Water Management Fund <br /> <br />Background/Discussiou: <br /> <br />In 2004, the City Council authorized a special levy for the Karth Lake Improvement District <br />payable for three years to help pay for the costs of the pumping station to maintain and monitor <br />the water level of Karth Lake. In reviewing prior documents, staff has ascertained that this cost <br />was to be paid in part by the special levy and in part by the Surface Water Management Fund. <br /> <br />In reviewing data for the annual audit, staff has found that the Karth Lake Levy was put into the <br />General Fund in 2005. This is part of the reason that the Surface Water Management Fund has <br />been operating with a deficit. In talking to our auditors, we have two options to correct these <br />dollars; I) a prior year correction can be made and financial statements can be restated, or 2) we <br />could have the Council approve a transfer from the General Fund to the Surface Water <br />Management Fund in 2006. Staff and the auditor's feel that having the Council approve a <br />transfer would be the most efficient and cost effective way to correct this error. <br /> <br />All revenues for 2006 have been deposited into the correct funds. <br /> <br />Staff Recommendation: <br /> <br />Staff recommends approval of transfer of $13,782.67 from the General Fund to the Surface <br />Water Management Fund effective December 31, 2006. <br />