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NEW BUSINESS - E <br />MEMORANDUM <br />Date: December 1 p., • 2008. <br />To: City Council <br />From: Jessie. Hart, Treasurer <br />Re: 2008 operating Transfers <br />The 2008 General fund Operating Budget included a budgeted operating <br />transfer to the Sewer Fund in the amount of $25,000. This is the first payment <br />towards the $150,000.00 loan provided by the Sewer:Fund to the General Fund. <br />As part of the reconciliation of the building costs it was determined that there <br />would be a deficit in the fund of approximately $50,000 after all costs had been <br />applied and reimbursements received. The City Council discussed how to <br />eliminate this deficit during the 2009 budget discussions. The 2008 General <br />Fund is projected to have sufficient excess revenues during 2008 to make a <br />$20,000 transfer before year-end and includes a budgeted transfer in 2009 of up <br />to $30,000 to make this fund whole. <br />In order to complete these transfers, the City Council must pass a resolution. <br />before the end of the fiscal year (December 31 st). <br />For 2008 these transfers total $45,000.00 as follows: <br />Sewer Fund <br />General Fund — Legal Department <br />City Hall Construction Fund <br />General Fund — Heritage Hall Department <br />Transfer To <br />$25,000.00 <br />$20,00.0.00 <br />Transfer From <br />$25,000.00. <br />$20,000.00 <br />The action requested is to adopt Resolution # 2008-12 Resolution Approving the <br />Transfers of Certain Funds for the City of Gem Lake. <br />36 <br />