2009 08-18 CCP - Laserfiche WebLink

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MEMORANDUM Date: August 18, 2009. To: City Council From: Jessie Hart, Treasurer Re: 2009 Operating Transfers The 2009.General Fund Operating Budget included a budgeted operating transfer to the Sewer Fund In the amount of $25,000.00. This is the second payment towards the $150,000 loan provided by the Sewer Fund to the General Fund. After careful review of the projected 2009 General Fund budget and the healthy General Fund fund balance, it is possible to pay this loan off in full and not budget for it in the future, which in turn. provides additional leverage in future tax levies. A transfer to the City Hall Construction Fund of $30,000.00 was also included in the 2009 General Fund Operating Budget. This transfer was levied to cover the remaining deficit from the Heritage Hall project. The actual deficit as of December 31, 2008 in the City Hall Construction Fund was $27,098,25. In order to complete these transfers, the City Council must pass a resolution. The total for the 2009 transfers would be $152,098.25 as follows: Fund Transfer To 600 — Sewer Fund $125,000.00 100 General Fund 402 — City Hall Construction Fund $ 27,098.25 100 — General Fund Transfer From $125,000.00 $ 27,098.25 The action requested. is to adopt Resolution #2009-08 A Resolution Approving the Transfers of Certain Funds for the City of Gem. Lake.