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Home My WebLink About4.q. Funds TransfersEXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: December 17, 1991 AGENDA ITEM: AGENDA SECTION: Fund Transfers Consent PREPARED BY: AGENDA NtTIE 40 Jeff May, Finance Director e ATTACHMENTS: APP VE Y: Copies of Transfers & General Journal Entries This item is on the agenda for your consideraieion in flaking care of various Debt Service Funds and Construction Funds, from an accounting standpoint. There are two Debt Service Funds, Fund 301 and Fund 321, that were part of the bond defeasance package that council approved back in April of this year. These two funds have now been completely paid off. The balances of these funds are monies that were kept in reserve to cover any unexpected final costs or miscalculations in amounts needed to invest to cover the final bond payments. The balances will be transferred to the Paid-up Debt Sery Bond Fund to close out the defeasance and final payment of these Debt Service Funds. The transfer for Fund 415, Limerick Way Phase II - Project#201, is a permanent transfer from the Water Core Fund to close out this Construction Fund. This transfer was approved by the Utility Commission December 9, 1991. An explanation of this project is attached in the form of a memo from Public Works Director Wasmund to the Utility Commission. These costs would be taken into consideration if, and when, development on this property ever occurs. The transfer for Fund 420, Shannon Parkway & County Road 42 Signal Light - Project #220, is a permanent transfer from the MSA Core Fund to cover the costs of this project. This is an MSA eligible project that has been applied for. We should be receiving those funds sometime in 1992. To cover the costs already incurred by the project, we are recommending transferring the funds from the MSA Fund now rather than waiting until 1992. This transfer would be made at some point in time, and rather than waiting until we have all of the project costs and the receipt of the funding from the state, we feel that it is more appropriate to make the transfer now than waiting and tarrying a deficit balance in a Construction Fund at year-end that is not needed. Funds 416, 145th Street West Reconstruction - Project #206, and 419, Diamond Path Improvements - Project #212, have "loans" being made to them from Fund 102, Paid-up Debt Sery Fund. These "loans" are to cover deficit balances that have occurred from preliminary work being done on these projects. Both of these projects were scheduled to happen this year, but due to the delays in the implementation of the Storm Water Utility and the Assessment Policy both projects were put on hold. Plans are that both of these projects will be done in 1992. When the projects are bonded for,, the amounts "borrowed" to them now will be repaid to Fund 102. RECOMMENDED ACTION: Approve various transfers and "loans", as attached, to take care of Funds with deficit balances and Funds that need to be closed out due to the completion of the life of the Funds) COUNCIL ACTION: TRANSFER FORM Authorized by: Department: i M •A,�sl Date authorized: authorized: IJ, - - 91 Reason for transfer: ?&k i kr- &,v IN .0efdA%,n.,c. Cv,,,,cr &w.Ls ru2vv &Vt -If fA-Ab General Journal Entry: )Ol- 10100 s�I�S,i3 104 • 104— I lel. - 3920j, - 00 - 000 A)'. 29300 �O 1 - 29400 321 - 01 - 114 3�1 - 10100 104_ - 104 General journal entry entered by: Date entered: - - Journal Entry Type: _(Normally will be Type 4) Journal Entry t: Amount to be Transfer from: transfeTed: Paid-up Debt Sery Fund 102 - 49300 - 01 - 710 t - EDA funds 201 - 46300 - 01 - 710 $ HSA Funds 203 - 49003 - 01 - 710 $ Water Core Facility Funds 605 - 49501 - 01 - 710 $ Sewer Core Facility Funds 606 - 49502 - 01 - 710 s Storm Sewer Surcharge Funds 607 - 49503 - 01 - 710 $ Water Funds 601 - 49400 - 01 - 710 $ Sewer Funds 602 - 49450 - 01 - 710 $ Other Funds 01 - 710 $ a3 - 01 - 720 $ Amount to be Transfer to: transfered in: _ - 39201 - 00 - 000 $ (Transfer from 6eo'1 Fund) _ - 39202 - 00 - 000 $ (Contribution from Enterprise Funds). Un -,.r DAT r,,' IUB - 39203 - 00 - 000 $ s,Ic.a3 (TTansfer from_) _ - 39204 - 00 - 000 $ (Transfer from Water Hook -Up Core Fund) _ - 39205 - 00 - 000 s (Transfer from Sewer Hook -Up Core Fund) 39206 - 00 - 000 $ (Transfer from Storm Sewer Connect Fees) _ - 39207 - 00 - 000 $ (Transfer from EDA Fund) _ -39208 - 00 - 000 $ (Transfer from MSA Fund) _ - 39209 - 00 - 000 $ (Transfer from Paid-up Debt Sery Fund) Authorized by: Department: i M •A,�sl Date authorized: authorized: IJ, - - 91 Reason for transfer: ?&k i kr- &,v IN .0efdA%,n.,c. Cv,,,,cr &w.Ls ru2vv &Vt -If fA-Ab General Journal Entry: )Ol- 10100 s�I�S,i3 104 • 104— I lel. - 3920j, - 00 - 000 A)'. 29300 �O 1 - 29400 321 - 01 - 114 3�1 - 10100 104_ - 104 General journal entry entered by: Date entered: - - Journal Entry Type: _(Normally will be Type 4) Journal Entry t: TRANSFER FORM Transfer from: Paid-up Debt Sery Fund 102 - 49300 - 01 - 710 EDA Funds 201 - 46300 - 01 - 710 MSA Funds 203 - 49003 - 01 - 710 Water Core Facility Funds 605 - 49501 - 01 - 710 Sewer Core Facility Funds 606 - 49502 - 01 - 710 Storm Sewer Surcharge Funds 607 - 49503 - 01 - 710 Water Funds 601 - 49400 - 01 - 710 Sewer Funds 602 - 49450 - 01 - 710 Other Funds 3311 - - 01 - 710 -01-720 Transfer to: 39201 - 00 - 000 39202 - 00 - 000 ih,D...P Dc'6iS�+/eJbu.nGu•.! cul - 39203 - 00 - 000 _ - 39204 - 00 - 000 39206 - 00 - 000 _ - 39206 - 00 - 000 39207 - 00 - 000 _ - 39205 - 00 - 000 - 39209 - 00 - 000 Amount to be transfered: s - s s s t t s r s $ V, 371.30 s Amount to be transfered in: $ (Transfer from Gen'1 Fund) $ (Contribution from Enterprise Funds) s_$ -1».i1z, (Transfer from ) $ (Transfer from Water Hook -Up Core Fund) $ (Transfer from Sewer Hook -Up Core Fund) $ (Transfer from Storm Sewer Connect Fees) $ (Transfer from EDA fund) $ (Transfer from MSA Fund) $ (Transfer from Paid-up Debt Sery Fund) Authorized by:iL xl� Department: A-tm,A,%S-t-E',}bS�,. Date authorized414-- 1-) . Reason for transfer:_j4PZ- OP & Cv,,•.e, U& hs 00LO C� P%. ?JM t L _ c- VAT General Journal Entry: 104_ - 104 3920.L - 00 - 000 z - 29300 29400 31I -V_204- k - 710 331 i - 10100 - 104 - 104 General journal entry entered by: Date entered: - Journal Entry Type: _(Normally will be Type 4) Journal Entry 1: Authorized by:' 4„j'�. _'Iew Department: Date authorized: Reason for transfer: f k o-wz ; ,�u ,,,�,� s -,��p CJs ;Z 'U c C��.ua.•� r��t �,,h ?� J. Pck2 PA.eT c,,c pp JJam; c2�iAx°&o General Journal Entry'. A—,o '�' pR v_*, (,S ru,.�C n - 10100 - 104_ - 104 �► - 3920 `� - 00 - 000 . �'i 9f- -TIT 29300 U 591. S'1 two - 29400 4gS_I)I - UL - 71_0 10100_ - 104_ - 104 General journal entry entered by: Date entered: Journal Entry Type: (Norcally will be Type 4) Journal Entry t: TRANSFER FORM Transfer from: Amount to be transfered: Paid-up Debt Sery Fund 102 - 49300 - 01 - 710 $ - EDA Funds 201 - 46300 - 01 - 710 MSA Funds 203 - 49003 - 01 - 710 s Water Core Facility Funds 605 _ 49501 - 01 - 710 Sewer Core Facility Funds 606 - 49502 - 01 - 710 S Storm Sewer Surcharge Funds 607 - 49503 - 01 - 710 s -- eater funds'--- 601 - 49400 - 01 - 710 $_ Sewer Funds 602 - 49450 - 01 - 710 t Other Funds - 01 - 710 $s _. -01-720 $ Transfer to: Amount to be transfered in: 39201 - 00 - 000 s (Transfer from 6en'l Fund) _ - 39202 - 00 - 000 S__ (Contribution from Enterprise Funds) - 39203 - 00 - 000 i_ (Transfer from `'�": r''`r-pP�" t � - 39204 - 00 - 000 $ » 9,91-N (Transfer from Water Hook -Up tore Fund) 39205 - 00 - 000 t (Transfer from Sewer Hook -Up Core Fund) _ • 39206 - 00 - 000 $ (Transfer from Storm Sewer Connect Fees) 39207 - 00 - 000 $ (Transfer from EDA fund) - 39208 - 00 - 000 $ (Transfer from HSA Fund) _ - 39209 - 00 - 000 $ (Transfer from Paid-up Debt.Sery Fund) Authorized by:' 4„j'�. _'Iew Department: Date authorized: Reason for transfer: f k o-wz ; ,�u ,,,�,� s -,��p CJs ;Z 'U c C��.ua.•� r��t �,,h ?� J. Pck2 PA.eT c,,c pp JJam; c2�iAx°&o General Journal Entry'. A—,o '�' pR v_*, (,S ru,.�C n - 10100 - 104_ - 104 �► - 3920 `� - 00 - 000 . �'i 9f- -TIT 29300 U 591. S'1 two - 29400 4gS_I)I - UL - 71_0 10100_ - 104_ - 104 General journal entry entered by: Date entered: Journal Entry Type: (Norcally will be Type 4) Journal Entry t: MEMO TO: UTILITY COMMISSION PRESIDENT WALSH COMMISSION MEMBER MULHERN COMMISSION MEMBER WERNER FROM: RON WASMUND, PUBLIC WORKS DIRECTOR/BUILDING OFFICIAL DATE: DECEMBER 6, 1991 RE: FUND TRANSFER Attached please find a Fund Transfer sheet requesting to transfer $10,991.94 from the Water Core Fund for Project #201, Limerick Way, Phase 11. This was a watermain project for the development of Umerick Way Townhouses, Phase 11, which never developed due to owners inability to finance. Since the development project never proceeded the City cancelled the project. The project was not cancelled however, until Plans and specifications were prepared, bids received and a contract awarded. The fees being transferred cover the cost of engineering and plan preparation and damages awarded to contractor for mobilization and contract expenses. This transfer will be recorded for future reference. At anytime this project proceeds these fees will be added and become part of total project cost and recaptured through cost recovery. Future developers will be made aware of these costs. Transfer from: Paid-up Debt Sery Fund EDA Funds MSA Funds Water Core Facility Funds Sewer Core Facility Funds Store Sewer Surcharge Funds Water Funds Sewer Funds Other Funds Transfer to: TRANSFER FORM 102 - 49300 - 01 - 710 201 - 46300 - 01 - 710 203 - 49003 - 01 - 710 605 - 49501 - 01 - 710 606 - 49502 - 01 - 710 607 - 49503 - 01 - 710 601 - 49400 - 01 - 710 602 - 49450 - 01 - 710 - 01 - 710 -,_ - 01 - 720 39201 - 00 - 000 39202 - 00 - 000 _ • 39203 - 00 - 000 _ - 39204 - 00 - 000 _ 39205 - 00 - 000 _ - 39206 - 00 - 000 39207 - 00 - 000 39206 - 00 - 000 _ - 39209 - 00 - 000 Amount to be transfered: s .. s s_sy,J�a.a� s s s s s s s Amount to be transfered in: Authorized by: Department: _ 111M • �• s l��t,-i►..._ Date authorized: )d- - - (Transfer from Gen'l Fund) (Contribution from Enterprise Funds) (Transfer from ) (transfer from Mater Hook -Up Core Fund) (Transfer from Sewer Hook -Up Core Fund) (Transfer from Store'Sewer Connect Fees) (Transfer from EDA Fund) (Transfer from MSA Fund) (Transfer from Paid-up Debt Sery Fund) iteason for transfer:_' tA"jSLM F.R� �ASh CURS F,a� i� P�� 't--� 1J0 - Cw..-,( J?oA& AA S 4A,..tw PAR IC lrw.8-4� L && 3' General Journal Entry: `l�-J - 10100 SU uJJ.JJ - 104_ - 104 ylJ - 3920 4 - 00 - 000' V10 - 29300 � UJJ . J o - 29400 Sv uJJ.o� - y -o - () i - 710 S� c►�J. uJ _ - 10100 SU, JUJ. J J - 104_ - 104 General journal entry entered by: Date entered: - Journal Entry Type: _(Normally will be Type 4) Journal Entry 1: