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Home My WebLink About5.o. Project #216 TransfersEXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: November 5, 1991 AGENDA ITEM:. AGENDA SECTION: Project #216 Transfers Consent PREPARED BY: AGENDAI TV R Is 116.1vi # 50 Jeff May, Finance Director ATTACHMENTS: Copies of Transfers, Copy of AP D BY: Resolution, Copy of Project Costs Attached are three transfers for the Shannon Hills 2nd Improvements Project, Project #216. The transfers are for temporary funding costs, administrative costs, and storm sewer core costs. The temporary funding transfer is to offset interest revenues that the General Fund may have lost from the time the project costs were first paid until the time that the bond proceeds for the project were received and the project could fund itself. This transfer comes from the Construction Fund, as a project cost, and goes to the General Fund. The administrative costs transfer takes 4% of the total construction cost to offset some of the in-house costs that are incurred by the City during the course of a project. This transfer comes from the Construction Fund, as a project cost, and goes to the General Fund. The storm sewer core transfer is for costs that are designated to be the storm sewer core's share of the costs for the project. This transfer comes from the Storm Sewer Core Fund and goes to the Debt Service Fund associated with this project.- This is because these were costs of the project not assessed that have to be recouped by the Debt Service Fund in order to repay the debt. The Utility Commission approved this transfer November 4, 1991. The justification for all of these transfers is included in the copy of the resolution and the breakdown of the project costs. RECOMMENDED ACTION: Approve the transfers from Fund 421 to Fund 101 for the temporary funding costs and the administrative costs, and the transfer from Fund 607 to Fund 328 for the storm sewer core share of the project, for Project #216, Shannon Hills 2nd Improvements. COUNCIL ACTION: 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 Fund 01 - 710 01 - 720 Transfer to: _ - 39201 - 00 - 000 - 39202 - 00 - 000 1,01 - 39203 - 00 - 000 _ - 39204 - 00 - 000 _ - 39205 - 00 - 000 _ - 39206 - 00 - 000 - 39207 - 00 - 000 - 39208 - 00 - 000 a - 39209 - 00 - 000 Authorized by: Department: Date authorized: j - .S"- 4� Amount to be transfered: $ Amount to be transfered in: $ (Transfer from Gen'l Fund) (Contribution from Enterprise Funds) (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) Reason for transfer:-TAjsftNR y CWok -je,,wPc.2.AR-( S,. ,b.t�- 1^'1t4,121)s;'S FpJZ t�2cla1'tr �� R4..vw..+ 14ii.,-s Dv -c Ccy"'em- Gu NO General Journal Entry: log - 10100 104 104 39201 - 00 000 29300 L4 - 29400 q -NY0J- of - 710 -43,�1 ,4a i - 10100 - 104 _ - 104 General journal entry entered by: Date entered: - - Journal Entry Type: �f (Normally will be Type 4) Journal Entry 1: 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 Fundsrvr*_Vw- +kw. Kl1 q4°° 01 - 710 ,tiwA hoolN / _ - 01 - 720 Transfer to: _ - 39201 - 00 - 000 _ - 39202 - 00 - 000 101 - 39203 - 00 - 000 _ - 39204 - 00 - 000 _ - 39205 - 00 - 000 - 39206 - 00 - 000 _ - 39207 - 00 - 000 _ - 39208 - 00 - 000 - 39209 - 00 - 000 Amount to be transfered: f Amount to be transfered in: 5 (Transfer from Gen'l Fund) (Contribution from Enterprise funds) (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: f�fCtts� Department: `�.. Date authorized: - - Reason for transfer:A—iSEO& -C;� CW cSk °lu AL A,.,veA Pmr-% PLk QRa►'V.T*.L14 SAA— A+t,,,.i r{�.. 5 A *-4_i AO4� N� �v. c ��.� Cn-�c�eA1 F�►.� � General Journal Entry: til - 10100 to i,iJ.13 104 _ - 104 /Ui - 39203 - 00 - 000 ,664.a 3 i0► - 29300 ��, 6t q.13 41i - 29400 - L w - 01 - 71 yds 10100 - 104 _ - 104 General journal entry entered by: Date entered: - - Journal Entry Type: '(Normally will be Type 4) Journal Entry 1: Authorized by:�/(� Date authorized: - -_ Department: Reason for transfer:_'AA)SFre _,_.3 TRANSFER FORM 5--t DA % ScWc&k Q'>26 StWlf O -C 2o•►�2T a•tV \1� 10 -1k&T Sldkev 4..A_A Fv.R. R&!t"f _keA Amount to be Transfer from: transfered: 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 $ elle i 3,5.� Water Funds 601 - 49400 - 01 - 710 $ Sewer Funds 602 - 49450 - 01 - 710 $ Other Funds - - 01 - 710 $ - - 01 - 720 $ Amount to be Transfer to: transfered in: _ - 39201 - 00 - 000 $ (Transfer from Gen'1 Fund) _ - 39202 - 00 - 000 $ (Contribution from Enterprise Funds) _ - 39203 - 00 - 000 $ (Transfer from ) _ - 39204 - 00 - 000 $ (Transfer from Water Hook -Up Core fund) - 39205 - 00 - 000 $ (Transfer from Sewer Hook -Up Core Fund) S)c*8ts�+�cv to t�raIA - 39206 - 00 - 000 s K ia%Jq (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:�/(� Date authorized: - -_ Department: Reason for transfer:_'AA)SFre _,_.3 CWC�Q 5--t DA % ScWc&k Q'>26 StWlf O -C 2o•►�2T a•tV \1� 10 -1k&T Sldkev 4..A_A Fv.R. R&!t"f _keA General Journal Entry: 3a� - 10100 104 _ 104 3z� - 3920U - 00 - 000 29300 6uY - 29400 02 - of - 710 L u"? - 10100 104 - 104 General journal entry entered by: Date entered: - - Journal Entry Type: y(Normally will be Type 4) Journal Entry t: �( l�, (d.S oq 4 CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 1991 - A RESOLUTION DECLARING COST TO BE ASSESSED AND ORDERING PREPARATION OF PROPOSED ASSESSMENT, AND CALLING FOR HEARING ON THE PROPOSED ASSESSMENT SHANNON HILLS 2ND ADDITION STREET & UTILITY IMPROVEMENTS CITY PROJECT #216 WHEREAS, a contract has been let for Shannon Hills 2nd Addition Street and Utility Improvements and the contract price for such improvement is $266,605.82, and the expenses incurred or to be incurred in the making of such improvement amount to $70,259.26 so that the total cost of the improvement will be $336,865.08. NOW, THEREFORE, BE IT RESOLVED by the City Council of Rosemount Minnesota: 1. The portion of the cost of such improvement to be paid by the City is hereby declared to be $46,129.04 and the portion of the cost to be assessed against benefited property owners is declared to be $290,736.04. 2. Assessments shall be payable in equal annual installments extending over a period of 10 years, the first of the installments to be payable with general taxes for the year 1992, and shall bear interest at the rate of 2% points per annum above the interest rate paid by the City for its bonds from date of the adoption of the assessment resolution. 3. The City Clerk, with the assistance of the Public Works Director shall forthwith calculate the proper amount to be specially assessed for such improvement against every assessable lot, piece or parcel of land within the district affected, without regard to cash valuation, as provided by law, and he shall file a copy of such proposed assessment in his office for public inspection; and BE IT FURTHER RESOLVED by the City Council of Rosemount, Minnesota: 1. A hearing shall be on the 22nd day of October, 1991, in the City Hall at 7:00 p.m., or as soon thereafter as possible, to pass upon such proposed assessment and at such time and place all persons owning property affected by such improvement will be given an opportunity to be heard with reference to such assessment. 2. The City Clerk is hereby directed to cause a notice of the hearing on the proposed assessment to be published once in the official newspaper at least two weeks prior to the hearing, and she shall state in the notice the total cost of the improvement. She shall also cause mailed notice to be given_ to the owner of each parcel described in the assessment roll not less than two weeks prior to the hearings. BE IT FURTHER RESOLVED by the City Council of Rosemount, Minnesota: The owner of any property so assessed may, at any time prior to certification of the assessment to the County Auditor, pay the whole of the assessment on such property, with interest accrued to the date of payment, to the City, except that no interest shall be charged if the entire assessment is paid within 30 days from the adoption of the assessment. The owner may at any time thereafter, pay to the County Auditor the entire amount of the assessment remaining unpaid, with interest accrued to December 31 of the year in which such payment is made. Such payment must be made before November 15 or interest will be charged through December 31 of the succeeding year. ADOPTED this 1st day of October, 1991. Vernon J. Napper, Mayor ATTEST: Susan M. Walsh, City Clerk Motion by: Seconded by: Voted in favor: Voted against: r CURRENT DATE: PROJECT: SHANNON HILLS 2nd ADDITION 03/18/91 PROJECT #: 216 i CONTRACT #: 90-5 COST COMPONENT WIND PROJECT V. PROFESSIONAL LEGAL ISS11ANGE" DESCRIPTION OVERHEAD CONSTRUCTION ENGINEERING SERVICES LEGAL NOTICES COST -- --------------------------------------------------------------------------- 5anitary Coro 0.000 $0.00 $0.00 $0.00 $0.00 $O. 1:11) $0. 00 Sanitary L.at,ra1 O. 17Q 347. 402. 10 38.413.45 $4.2.3.92 $21.61:4 T.S 3. 20 $1 , 2 FJ -1. 71 It t.ira.a l rl Corw 0.000 $0.00 $0.00 30. 00 $O. GO $0.1-10 *0. 01.1 W�tvrma in L atwry 1 0.186 $50.176.15 $8. 905.82 $448.73 $22. 96 1:56. 31 .y 1, :359. 8-- 5t.orm Cora O. 137 $36, 5013.00 $6.479.85 $326.50 $1 6. 71 15 f;torm L•ytara1 0.166 x44.338. 10 $7.869.62 $396.52 $20.211 x$19. ;'E. Y 1, 21)1. 67 SF.rcot Gana 0.000 $0.00 $0.00 $0.00 $0.01 $0. rail x:17. 01 Struvt Laura 1 0.331 $88.181..47 $15.651.43 $788.6.2 $4t). 35 $943.96 $2, ::E19. 9F, Stroot Lights 0.000 $0.00 $0.00 $0.00 til. 00 $O, 00 $0.0171 Propoaad Tut.al 20.86% $266.605.82 $47.320.17 $2.30.1.30 $122.00 $299.19 $7.2'25.65 Fictual Tutor 1 to data) 20.86% $266.605.82 $17.320.17 $2,384.30 3122.00 $299.19 $7,225.65 L CURRENT DATE 03/18/91 f Loss Sanitary Coro $0.00 Loss Watorarain Coro $13.00 Lass Storm Sewer Coro $=16, 129. 04 Loss Stroat Core ; 0 Total Assozzment Amount $290,776.04 Units to bpi Ate -gassed 40 Asps srtnrnt Fac r- I._In i t t r' , 261 *.1. -11:1 t TEMPORARY PROJECT 4. 0;1. CAPIT. FUNDING RIGHT - DESCRIPTION ROMIN. INTEREST INTEREST OF -WAY CONTINGENCIES TOTAL Sanitary -- -- -- Coro $0.00 $0.00 $0.00 $0.00 £0.00 GE] Sanitary Lateral $1,896.08 $0.00 $398.93 $0.00 $0. 00 $$9,894.09 W.itrerma i n Cora $0.00 $0.00 $0.00 $0.00 $O. OO CEEI Watarmain Lateral $2,Ob?.05 $0.00 $422.28 $0.00 :60.00 $63,399.19 Storm (;�re $1 , 460.32 $0.00 $307.25 $0.00 $0.O o$ Iii, 1 <� �. 04 Storm L.at4&r.al $1.773.52 $0.00 $373.14 $C1, 00 $O. CIO $56,022.62 StrQot Cora $0.00 $0.00 $0.00 $0.00 $O. OO E:EOil Strout Latara 1 $3,527.26 $0.00 $7.42.12 $0.00 $C1. 110 $111.120. 1.1 Stroot Lights $0.00 $0.00 $0.00 $0.00 $O, 00 $[1.00 Proposad Total $10.66A.23 $2.243.72 :X9::fi*,, 865. UO Actuol 1 (to to data) tiO,b64.23 � $2 .243.72 1 � $:J:16.EI65.08 Loss Sanitary Coro $0.00 Loss Watorarain Coro $13.00 Lass Storm Sewer Coro $=16, 129. 04 Loss Stroat Core ; 0 Total Assozzment Amount $290,776.04 Units to bpi Ate -gassed 40 Asps srtnrnt Fac r- I._In i t t r' , 261 *.1. -11:1