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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Agenda Item # Department: Requested Council Meeting Date: <br />January 13, 2021 <br />Administration <br />IX.5 <br />TITLE OF ISSUE: <br />Transfer of Funds <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />With our year-end processing, staff is recommending that we close several fund. We have paid off the bonds in <br />Funds 348-Commerce Drive (approx. $106,000 balance) and 349-2004 & 2007 Street Projects (approx. $10,000 <br />deficit balance, but with approx. $10,000 in remaining special assessments). We also have funds left in Fund <br />414-Trail Fund (approx. $12,000 balance). <br /> <br />After final interest earnings are calculated for each fund, staff proposes that the City Administrator be allowed <br />to bring each fund to zero to a zero balance and close the operations. The remaining funds are proposed to be <br />transferred to the 452-Street Capital Fund. <br />COST AND SOURCE(S) OF FUNDING: <br />Reallocation of fund balance <br />REQUESTED COUNCIL ACTION: <br />Motion to Allow Staff to Close Funds and Transfer Remaining Balances. <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: ____________________________________ <br /> Resolution Ordinance Contract Minutes Plan Map <br />Second By: ____________________________________ <br />x <br />Vote Record: Aye Nay <br /> _____ <br />_____ <br />Other (specify) ____________ <br /> _____ _____ <br />_____ <br /> _____ <br />_______________________________________________________________ <br /> _____ _____Ki <br /> _____ ____________________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br /> <br />