Laserfiche WebLink
<br />City of Centerville <br />City Council Meeting <br />May 25, 2005 <br /> <br />To: <br /> <br />Mr. Dallas Larson, City Administrator <br />Honorable Mayor and Council Members <br /> <br />From: <br /> <br />John Meyer, Finance Director <br /> <br />Debt-Related Transfer <br /> <br />The City has called the $615,000 GO Improvement Bonds, Series 1998 (Parkview Debt <br />Fund) and will need to pay $284,178.34 before June 1,2005. The Parkview Debt Fund <br />has a current balance of$243,169.62. The City will need to transfer $41,008.72 from the <br />General Fund to the Parkview Debt Service Fund to complete the payoff. Traditionally, <br />the audit firm has transferred the necessary funding to the appropriate debt-service funds <br />through adjusting journal entries at year-end. However, the City should make this <br />transfer to coincide with the redemption so the Council is cognizant of the transaction. <br />The following transfer should be made by resolution of the Council: <br /> <br />From: <br /> <br />To: <br /> <br />General Fund $41,008.72 Parkview Debt Service $41,008.72 <br />(to provide for redemption of the $615,000 G.O. Improvement Bond, Series 1998) <br />