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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 /> <br />'Esta6[isfted 189 <br /> <br />'R'ESI'Du:AL 'EQ..'UITy T'lUt'NS:F'E'RS <br />A(j'ENCy :F'U:N'IJS ana OTJ-{'E'RS <br />C'E:NT'E'RYILL'E aTy CO'U.:NUL <br /> <br />Date: October 9, 2002 <br /> <br />To: Honorable Mayor and City Council Members <br />Ms. Kim Moore-Sykes, City Administrator <br /> <br />From: <br /> <br />Ellen Paulseth, Finance Director <br /> <br />" <br /> <br />Re: <br /> <br />Close Out Escrow Fund and Fire Equipment Depreciation <br /> <br />......................................................................... <br /> <br />The Escrow Fund existed to account for sod escrow transactions and hold interest <br />earnings until year-end. The city's auditing firm has recommended using a liability <br />account in the General Fund for sod escrow activity. That account has been established <br />and is currently in use. Similarly, an interest fund has been set up to record investment <br />interest until it is allocated at the end of the year. <br /> <br />The escrow fund has a deficit cash balance of$2,132.60. It appears that it is due to <br />improper recording of interest transactions several years ago. A General Fund transfer <br />would eliminate the Escrow Fund: <br /> <br />General Fund <br />Escrow Fund <br />(to close out escrow fund) <br /> <br />$2,132.60 <br /> <br />$2,132.60 <br /> <br />A fire equipment depreciation payment from the Fire Department was erroneously <br />recorded in a separate fund prior to 1998. The money should be transferred to the <br />General Fund: <br /> <br />Fire Equipment Depreciation $5,820.27 <br />General Fund <br />(to close out fire depreciation fund) <br /> <br />$5,820.27 <br />
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