HomeMy WebLinkAbout5E, Motion to Approve Interfund Transfers and Budge Adjustments for 2012�
��EN HILLS !
Request for Council Action �
Prepared By: Sue Iverson, Director of Finance and ; Council Meeting Date: July 30, 2012
Administrative Services
Interfund Transfers and Budget Adjustments for 2012
Budgeted Amount: Actual Amount: Funding Source:
N/A
Recommendation:
N/A
1►I/:1
A motion to approve transfers of $188,893 from the PIR Fund to the Park Fund and $124,955 from the
General Fund to the EDA Operating Fund, as well as budget adjustments for 2012 for these same items.
Supporting Documents:
1. Memorandum from Sue Iverson dated July 30, 2012.
�
�`i D�EN HILLS
MEMORANDUM
DATE: July 30, 2012
TO: Honorable Mayor and City Council Members
Patrick Klaers, City Administrator
FROM: Sue Iverson, Director of Finance and Administrative Services
SUBJECT: Interfund Transfers and Budget Adjustments for 2012
Back�round
On July 9, 2012, staff discussed fund balances with the City Council at a worksession
during a CIP discussion. At that time, two fund balance transfers were discussed and
Council consensus was to bring them forward for approval.
The first of these is a transfer of $188,893 from the PIR fund to the Park Fund to cover
the remaining expenditures from the Safe Routes to School and Elmer L. Anderson trail
project. While we used Park dedication fees and grants, there remains costs that we need
to cover from the PIR Fund.
The second is a transfer from the General Fund to the EDA Operating Fund of $124,955.
This is the transfer of the Presbyterian Homes Conduit Debt Fee to the EDA Operating
Fund to fund EDA activities until a permanent funding source is found. The EDA
Operating Fund currently receives excess increment from the County as a result of the
Round Lake TIF District. This will discontinue in 2015 when the district decertifies. In
2011, a tax petition on some properties in the district was settled and the amount of TIF
received was reduced as well as the excess TIF received.
Staff Recommendation
Motion to approve transfers of $188,893 from the PIR Fund to the Park Fund and
$124,955 from the General Fund to the EDA Operating Fund, as well as budget
adjustments for 2012 for these same items.
City Council Meeting
P:�Admin\Council�Agendas & Packet Information�2012\07-30-12 Reg Mtg�Packet�Budget Adjustments and
Transfers-EDA and Parks.docx
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