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2002-10-09 CC Packet
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2002-10-09 CC Packet
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<br /> <br />tervi[[e <br />'LqaUished'1JJS1 <br /> <br />lUSI'D'UJtL 'EQWTy T'R:A:NSYE'RS <br />CJ\.PITJtL P'RO]'ECT JU.'N'DS <br />C'E:N7'E'R"vIll'E GTy CO'UNGL <br /> <br />Date: <br /> <br />October 9, 2002 <br /> <br />To: <br /> <br />Honorable Mayor and City Conncil Members <br />Ms. Kim Moore-Sykes, City Administrator <br /> <br />From: <br /> <br />Ellen Paulseth, Finance Director <br /> <br />'. <br /> <br />Re: <br /> <br />Operating Loan/Residual Equity Transfers to Deficit Funds <br /> <br />......................................................................... <br /> <br />The attached documentation illustrates transfers from the General Fund which would <br />eliminate the deficits in 6 capital project funds. According to Generally Accepted <br />Accounting Principles (GAAP), no fund should have a deficit cash balance. <br /> <br />Since the developer accounts may be tied up in litigation for some time, it would be <br />difficult to measure the exact amount receivable and/or estimate the time frame in which <br />it would be paid. It would be prudent to clear up the deficit with general funds and carry <br />the receivable in the General Fund. <br /> <br />The balance in the Parkview Capital Project Fund can be transferred to the Parkview <br />Debt Service Fund, leaving only the $10,000 escrow received from the developer. This <br />amount can be returned to the developer after the warranty period expires. <br /> <br />A resolution is attached. <br /> <br />1_ <br />
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