HomeMy WebLinkAbout04-30-07 Item 4K, Storm Water Mgmt Fund Transfor for Karth Lake Levy
Prepared By:
Dept.:
Council Mtg. Date:
Final Action Needed By:
Sue Iverson
~F1nance
~
~HILLS
Request for Council Action
V
Agenda Item: 4K
-.--.-
April 30",2007
uApri[,~Q,io67
Budgeted Amount:
Actual Amount:
Funding Source: ,_,.
..."----------- '."'.-$0
-$13,7ili:i>7
Generai Fund
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! Motion to approve a transfer of $13,782.67 from the General Fund to the Surface Water Management Fund effective December 31, 2006 for!
! Karth Lake Improvement District Levy funds for the year 2005. .
Staff recommends a motion to approve a transfer of $13,782.67 from the General Fund to -the Surface-Water Management Fund effective
December 31, 2006. This will correctly deposit the Karth Lake Levy of 2004 into the Surface Water Management Fund which was incorrectly'
i deposited into the General Fund in 2005.
X Memo/L oHo.' Memo dated April 24, 2007
X No.: 04-71 A Resolution Setting The Final Special Levy For The Karth Lake Improvement District Payable in 2005
No.:
"!;jJIICCIIII!;l Recommendation:
Recommendation:
Other:
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' This will restore funds to the Surface Water Management Fund which were incorrectly deposited in the General Fund in 2005, thus
contributing to part of the deficit in this fund (Surface Water Management) as this fund paid for the pumping station at Karth Lake.
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. Future Levies are being deposited into the correct funds.
~
~HILLS
MEMORANDUM
DATE:
April 24, 2007
4K
TO: Honorable Mayor and City Council
Michelle Wolfe, City Administrator
FROM: Sue Iverson, Finance Director~
SUBJECT: Transfer from the General Fund to Surface Water Management Fund
Background/Discussiou:
In 2004, the City Council authorized a special levy for the Karth Lake Improvement District
payable for three years to help pay for the costs of the pumping station to maintain and monitor
the water level of Karth Lake. In reviewing prior documents, staff has ascertained that this cost
was to be paid in part by the special levy and in part by the Surface Water Management Fund.
In reviewing data for the annual audit, staff has found that the Karth Lake Levy was put into the
General Fund in 2005. This is part of the reason that the Surface Water Management Fund has
been operating with a deficit. In talking to our auditors, we have two options to correct these
dollars; I) a prior year correction can be made and financial statements can be restated, or 2) we
could have the Council approve a transfer from the General Fund to the Surface Water
Management Fund in 2006. Staff and the auditor's feel that having the Council approve a
transfer would be the most efficient and cost effective way to correct this error.
All revenues for 2006 have been deposited into the correct funds.
Staff Recommendation:
Staff recommends approval of transfer of $13,782.67 from the General Fund to the Surface
Water Management Fund effective December 31, 2006.
~
~HILLS
CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION NO. 04-71
A RESOLUTION SETTING THE FINAL SPECIAL LEVY
FOR THE KARTH LAKE IMPROVEMENT DISTRICT PAYABLE IN 2005
BE IT RESOLVED by the Arden Hills City Council that the following proposed sums of
money be levied for levy year 2004, payable in 2005 upon taxable property in the Karth Lake
Improvement District for the installation of the pumping station to maintain and monitor the
water level ofKarth Lake.
CERTIFIED
LEVY AMOUNT
$13,782.67
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS
THIS 20th DAY OF DECEMBER, 2004.
BEVERLY APLIKOWSKl, MAYOR
ATTEST:
MICHELLE A. WOLFE, CITY ADMINISTRATOR