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<br /> <br />tervi[[e <br /> <br />'Esta6fis/ied 1857 <br /> <br />STAFF REPORT <br />CENTERVILLE CITY COUNCIL <br /> <br />Date: <br /> <br />April 23, 2003 <br /> <br />To: <br /> <br />Honorable Mayor and City Council Members <br />Ms. Kim Moore-Sykes, City Administrator <br /> <br />From: <br /> <br />Ellen Paulseth, Finance Director~ 0 <br />Close deficit funds CzA <br /> <br />Re: <br /> <br />************************************************************************ <br /> <br />87 Street Reassessment Debt Service Fund <br />The 1987 Street Reassessment Bond was paid off in February of2003. The debt service <br />fund has a deficit balance of$21,363.67. Approximately $1,900 ofthis deficit is due to <br />delinquent assessments. The remainder is largely due to the number of assessments <br />prepaid and the disparity between the interest rate that the City actually earned on the <br />money compared to the 8% rate levied on the assessments over the full term of the <br />payment schedule. The fund should be closed to the General Fund with a permanent <br />transfer. <br /> <br />Downtown Redevelopment Capital Project Fund <br />The Downtown Redevelopment Fund has a deficit of$8,559.98. The fund should be <br />closed with a temporary transfer from the General Fund until such time as the council <br />wishes to reactivate the redevelopment plan and assess for the project. <br />