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<br />~ <br />~"HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: March 4,2009 <br /> <br />TO: Michelle Olson <br /> <br />FROM: Sue Iverson, Finance Director/Treasurer <br /> <br />SUBJECT: Surface Water Management Funds <br /> <br />In response to your request on the Surface Water Management Fund balance, we have not yet <br />closed the books for 2008, so we do not have an actual fund balance or a final ending cash <br />balance yet. But to answer your question, there are funds available in this fund in sufficient <br />amount at this time, but when you look at the 2009 CIP the fund would possibly go into a deficit <br />position. Current estimate of the cash balance available would be: <br /> <br />Cash Balance as of 12/31/07 <br />Budgeted 2008 Revenues <br />Budgeted 2008 Expenses <br />Estimated 2008 Balance <br /> <br />$269,444 <br />414,500 <br />316,,353 <br />$367,591 <br /> <br />In looking at 2008 actuals, revenues did come in higher than expected and expenditures came in <br />lower than budgeted. It is too soon to estimate the actual cash difference as we are in the middle <br />of closing the books and making the accrual entries. There will be an increase in this balance, <br />possibly as much as $100,000 or more, but again we cannot determine this exactly until we close <br />the books out and finish all entries. <br /> <br />If we take the budgeted balance estimate of $367,591 and the CIP expenditures approved for <br />2009 the cash balance will look like this. <br /> <br />Estimated Cash Balance <br />Budgeted 2009 Revenues <br />Budgeted 2009 Operating Exp <br />2009 Glenarden PMP <br />2010 PMP Engr <br />2008 PMP costs <br />2009 Storm Pond Maintenance <br />Erosion Corr of Old City Hall Trail <br />Estimate Cash Balance after eIP <br /> <br />$367,591 <br />427,660 <br />303,757 <br />400,000 <br />11,000 <br />1,000 <br />50,000 <br />20,,000 <br />$ 9,494 <br />