HomeMy WebLinkAbout5.p. Budget Amendments / Notification of Receipt of LoanEXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: April 7, 1992
AGENDA ITEM: Budget Amendments & Notification
AGENDA SECTION:
of Receipt of Loan for Planning Assistance
Consent
PREPARED BY:
Jeff May, Finance Director
AGENDIM
5 P
ATTACHMENTS: Council Memo,, Resolution,
APP BY:
6
Donation Worksheets, Loan Proceed InformationJilf,
ke
This item is on the agenda for two purposes. The first is to
formally amend the budgets by resolution for donation items that
Council has authorized expenditures and budget amendments for.
Rather than bringing a resolution before you each time there is a
need to spend money from donations previously received, we have
developed procedures that allow us to have you authorize the
expenditure and amend the budgets at the time the expenditure'is
made and then periodically bring to you a resolution that
formally amends the budgets for a number of these donation
expenditures.
The second purpose for this agenda item is to notify you of a
second loan that we have received from the Metropolitan Council.
As you may recall, in February of this year we received loan
proceeds in the amount of $35,325.00 for planning assistance in
completing our Comprehensive Guide Plan. At this time, we would
like to acknowledge receipt of loan proceeds in the amount of
$17,175.00 to be used for assistance in the airport planning
process. We would also like to amend the revenue and expenditure
budgets of the General Fund to take into account these extra
revenues and expenditures for 1992. The total amount of the loan
proceeds are going to go into the budget area of the Planning
Department under "Other Professional Services", although there
may be expenditures made out of other areas of the Planning
Department budget which will technically be part of the planning
assistance loan agreement.
RECOMMENDED ACTION:
Motion to adopt A RESOLUTION APPROVING THE AMENDMENT OF CERTAIN 1992
BUDGET ITEMS for the General Fund as outlined in the attached memo.
COUNCIL ACTION:
eity of (Rosemount
PHONE (612) 423.4411 2675 - 145th Street West, Rosemount, Minnesota MAYOR
Edward S. McMenomy
FAX (612) 4235203 Mailing Address:
P.O. Box 510, Rosemount, Minnesota 55068.0510 COUNCILMEMBERS
Shelia Klassen
James (Red) Steals
Harry Willcox
DennisWippermann
ADMINISTRATOR
Stephan Jlk
DATE: March 25, 1992
TO: Mayor McMenomy
Council Members Klassen, Staats, Willcox & Wippermann
FROM: Jeff May, Finance Director
SUBJECT: Budget Amendments
This is a request to amend both the revenue and expenditure
budgets for the General Fund to formally approve the expenditures
of donations previously received and to acknowledge the receipt
of the planning assistance loan proceeds that we have just
received. This memo is to show the line by line detail of the
actual changes to be made to the budget, of which the totals are
summarized in the Resolution before you.
GENERAL FUND DETAIL
Detail for Revenues:
101-36230-00-000(Donations) $ 763.50
101-39310-00-000(Loan Proceeds) 17,175.00
Total Revenues $17,938.50
Detail for Expenditures:
101-41910-01-319(Other Prof Services) $17,175.00
101-42110-01-208(Miscellaneous Supplies) 33.50
101-45100-01-221(Equipment Parts) 730.00
Total Expenditures $17,938.50
(Sverytking's (Pouring (Up RosemounlY
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 1992 -
A RESOLUTION APPROVING THE AMENDMENT OF
CERTAIN 1992 BUDGET ITEMS
WHEREAS, the City Council recognizes the need to amend certain
items from the 1992 General Fund Operating Budget, the totals
which are as follows:
(1) General operating revenues, the total which reflects an
increase of $17,938.50;
(2) General operating expenditures, the total which reflects an
increase of $17,938.50.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City
of Rosemount hereby approves the amendment of the above listed
budget items for the 1992 General Budget.
ADOPTED this 7th day of April, 1992.
E.B. McMenomy, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted Against:
DONATION REPENIIE wORKSHEET
Donation Received on:
Amount Received:
Receipt # for Donation:
RECEIPT OF DONATION
7-17-91
$ 730.00
# 27181
Purpose of Donation: Purchase metal boxes for parks for athletic storage
Account # for Donation: i ni _ 22229
(Must be Liability # assigned for— each individual Department)
EXPENDITURE OF DONATION
Amount to be Spent: $ 730.00
To be Spent from Acct #: 101 - 45100 - 01 22]
(Must be Expenditure # corresponding to indiv
Purpose of Expenditure: Metal boxes for parks for athletic storage
AMENDMENT OF BUDGETS
Amend Donation Revenue Acct #101-36210-00-000: $ 730000
Amend Expenditure Acct # 101 - 45100-01-221.5 $ 730.00
(The two dollar amounts should be the same)
GENERAL JOURNAL ENTRY TO ADJUST DONATION LIABILITY #
101 - 22223 (Donation Liability #) $ 730.00
Debit.
730.00
Credit: 101-36230-00-000 $
$ 730.00
Credit: 101-29300
Journal entry to reduce deferred donation revenue and increase
donation revenue to actual per council action on 1- 21- 92
DONATION REVENUE WORKSHEET
RECEIPT OF DONATION
Donation Received on:
Amount Received: $
Receipt # for Donation:
Purpose of Donation:
Account # for Donation:
(Must be Liability # assigned for each individual Department)
EXPENDITURE OF DONATION
Amount to be Spent: $ 8.50
To be Spent from Acct #: 101-42110-01-208
(Must be Expenditure # corresponding to individual Department)
Purpose of Expenditure: D.A.R.E. Misc. program supplies
AMENDMENT OF BUDGETS
Amend Donation Revenue Acct #101-36230-00-000: $ 8.50
Amend Expenditure Acct # 101-42110-01-208 : $ 8.50
(The two dollar amounts should be the same)
GENERAL JOURNAL ENTRY TO ADJUST DONATION LIABILITY #
Debit: 101-22221 (Donation Liability #) $ 8.50
Credit: 101-36230-00-000
Credit: .101-29300
$ 8.50
$ 8.50
Journal entry to reduce deferred donation revenue and increase
donation revenue to actual per _council action on 03/17/92 0
DONATION REVENUE WORKSHEET
RECEIPT OF DONATION
Donation Received on:
Amount Received: $
Receipt # for Donation:
Purpose of Donation:
Account # for Donation:
(Must be Liability # assigned for each individual Department)
EXPENDITURE OF DONATION
Amount to be Spent: $ 25.00
To be Spent from Acct #: 101-42110-01-208
(Must be Expenditure # corresponding to individual Department)
Purpose of Expenditure: D.A.R.E. Membership for Officer Robideau
AMENDMENT OF BUDGETS
Amend Donation Revenue Acct #101-36230-00-000: $ `25.00
Amend Expenditure Acct # 101-42110-01-208 : $ 25.00
(The two dollar amounts should be the same)
GENERAL JOURNAL ENTRY TO ADJUST DONATION LIABILITY #
Debit: 101-22221 (Donation Liability #) $ 25.00
Credit: 101-36230-00-000 $ 25.00
Credit: 101-29300
$ 25.00
Journal entry to reduce deferred donation revenue and increase
donation revenue to actual per council action on 03/17/92
U�
METROPOLITAN COUNCIL
Mears Park Centre. 230 East Fifth Street, St. Paul, MN 55101-1634 612 291-6359 FAX 612 291-6550 TTY 612 291-0904
March 20, 1992
Mr. Stephan Jilk
City Administrator
2875145th Street West, PO Box 510
Rosemount, MN 55068-0510
Dear Mr. Jilk:
Enclosed is the city's copy of the planning assistance loan contract and a check in the amount of
$17,175.00.
As the contract specifies, a midpoint report is due on March 31, 1993 and a final progress report is
due on July 30, 1993. Loan payments of $5,725.00 are due on or before March 31, 1993, 1994 and
1995. Please call me at 291-6621 if you have any questions regarding the contract.
Sincerely,
Tori Flood
Loan Coordinator
enc.
PAYEE NAME: CITY OF ROSEMOUNT CHECK DATE: 03/20/92 CHECK NO: 031716
VENDOR CODE: 01708
PO NO ACCT REFERENCE NO DESCRIPTION INVOICE NO AMOUNT
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L927 129 -6400301 L-92-7 - Airport Planning 3/16/92 17175.00
METROPOLITAN COUNCIL * MEARS PARK CENTRE
230 EAST FIFTH STREET * ST. PAUL, MN. 55101 TOTAL AMOUNT: 17,175.00
PLEASE DETACH BEFORE DEPOSITING
1160 3 17 16ii' 1:0910000221: E1012092295,12
Loan No. L-92-7
LOAN AGREEMENT
BETWEEN
THE METROPOLITAN COUNCIL
AND
THE CITY OF ROSEMOUNT
THIS AGREEMENT is made and entered into this 16th day of March ,
1992, by and between the Metropolitan Council, hereinafter referred to as the "Council," and
the City of Rosemount, hereinafter referred to as the "Lendee."
WHEREAS, the Council is authorized by Minnesota Statutes, Section 473.867,
to establish a planning assistance fund to assist local governments in carrying out planning
activities and to adopt uniform procedures for the award, disbursement and repayment of
grants and loans; and
WHEREAS, the Lendee has applied to the Council for a loan to allow the city to
participate in the airport planning process, to monitor the MAC, the Council and the
Legislature regarding airport related activities and processes, to coordinate activities with
surrounding local governments, and to participate in the Dakota County working group; and
WHEREAS, the Council desires to assist the Lendee in completing its work plan by
making a loan through the Council's planning assistance fund.
NOW, THEREFORE, in consideration of the Council's agreement to loan planning
funds to the Lendee and the Lendee's agreement to repay said funds, the Council and
Lendee agree as follows:
1. Amount
The Council shall pay to the Lendee a total loan amount of $17,175.00. The
total amount of loan funds shall be made available to the Lendee within ten
days following execution of this Loan Agreement.
2. Scope of Work: Estimated Completion Date
The Lendee agrees to do, perform and carry out in a satisfactory and proper
manner the activities specked in the work program set forth in Lendee's loan
application, which is attached hereto as Appendix A and made a part hereof.
That portion of the work program which shall be funded by the loan award is
described in Section 3.A. of this Loan Agreement. The estimated completion
date of the work program is June 30, 1993.
3. Authorized Use of Loan Proceeds
A. The Lendee shall utilize the loan funds to pay for the activities specified
under "Contract Costs" in the Project Budget contained in Exhibit A, up
to a total maximum expenditure of $17,175.00. The activities so paid for
out of loan funds shall constitute the funded portion of the work
program.
B. The Lendee agrees that no more than seventy-five percent (75%) of the
total cost of carrying out the work program set forth in Appendix A shall
be financed by loan funds.
C. it is understood and agreed that costs and expenses to be paid for out
of loan proceeds shall be in substantial accord with the specifications
contained in Appendix A, and with other provisions contained in this
Loan Agreement. It is further understood and agreed that the following
costs and expenses shall be the only costs and expenses paid for out
of loan proceeds:
1. Compensation of existing staff.
2. Compensation of newly hired staff.
3. Employment of a qualified consultant(s).
4. Payment of other costs such as overhead, rental of space and
equipment, purchase of supplies, printing and publishing.
4. Accountin4
A. The Lendee agrees to establish and maintain an accurate and complete
separate control account for loan funds received, and to maintain
accurate and complete accounts and records relating to the receipt and
expenditure of any and all loan funds including, but not limited to,
documentation and information relating to the selection and payment of
consultants.
B. The above accounts and records of the Lendee shall be audited by the
Lendee in the same manner as all other accounts and records of the
Lendee are audited, and may be audited and/or inspected on the
Lendee's premises or otherwise by individuals or organizations
designated and authorized by the Council, following reasonable
notification, during the loan period and for a period of at least three
years following the final loan payment. The Lendee shall provide the
Council reasonable access to the Lendee's accounts and records
during business hours.
5. Reports
A. Mid -Point Progress Report. The Lendee shall prepare and deliver to the
Council a mid -point progress report advising the Council on the status
of the activities undertaken in connection with this Loan Agreement.
The report shall contain a short description of the utilization of loan
funds to date, projected future planning expenses and any anticipated
problems in meeting completion dates. The mid -point progress report
is due March 31, 1993.
B. Final Progress Report. The Lendee agrees that upon completion of the
total work program, the Lendee will submit to the Council a final
M
progress report which shall be evaluated by the Council to determine
that:
1. The planning costs funded by this loan did not exceed
seventy-five percent (75%) of the total cost of the work program.
2. The scope of work was completed.
3. The terms of this Loan Agreement were met.
The final progress report is due July 30, 1993.
6. General Conditions
A. Duration. The period of loan award specified herein shall commence on
the execution of this agreement and remain in force and effect until
March 31, 1995.
B. Repayment. The Lendee agrees to repay the Council in accordance
with the following schedule:
1. The Lendee will remit to the Council on or before March 31,
1993 an initial payment of $5,725.00.
2. The Lendee will remit to the Council on or before March 31,
1994 a second payment of $5,725.00.
3. The Lendee will remit to the Council on or before March 31,
1995 a final payment of $5,725.00.
C. Breach. In the event that the Council finds that there has been a failure
to comply with the provisions of this Loan Agreement, the Lendee
agrees to repay to the Council funds not used in accordance with this
Loan Agreement. These funds shall be repaid at an interest rate of 8
percent per year, compounded annually, from the date of the act which
was in breach of this Loan Agreement. in addition, the Council reserves
the right to take other action it deems necessary to protect its interests
in the event of a breach by the Lendee.
D. Changes. The terms of this Loan Agreement may be changed or
modified by mutual agreement of the parties hereto. Such changes or
modifications shall be effective only upon the execution of written
amendments signed by authorized representatives of the Council and
the Lendee.
E. Nondiscrimination. The Lendee agrees to comply with all applicable
laws relating to nondiscrimination, affirmative action, public purchase,
contracting and employment.
In particular, the Lendee agrees not to discriminate against any
employee or applicant for employment because of race, color, religion,
sex or national origin, and to take affirmative action to ensure that
applicants and employees are treated equally with respect to the
-3-
lufb
following: employment, upgrading, demotion, transfer, recruitment,
layoff, termination, rates of pay and other forms of compensation, and
selection for training.
The Lendee further hereby acknowledges that the Council encourages
the Lendee and its contractors to take affirmative action to utilize
women/minority/disadvantaged businesses in their assisted planning
activities.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the day and year first above written by their authorized representatives.
-4-
7karon
O"Klumpp,
a Director
LENDEE: CITY OF ROSEMOUNT
By
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