HomeMy WebLinkAbout10.d. Armory Fund Transfer � .
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August 10, 1989
Tp: S Jilk, Administrator
FROM: D Darling, Finance Director
Subject: Armory Fund Deficiency
As you have been aware during the year the Armory Fund has
been in place and used to pay for various Armory Related
Costs to a point where it js now in a considerable de€icit
condition.
Inasmuch as the City Council has authorized all of the
expenditures from this fund aver the past several months, I
would request that you app'roach the Councii for authorization
to transfer funds from the City Reserves to cover the
deficiency in this fund and to provide funding for the short
term needs of this fund.
We have received from the Armory Levy Authorization so far
this year $8,392.50, with expend�tures in excess of
$100,000.00 making this fund at the end of July in a deficit
pasture in the amount of $101,378.46. We need to transfew at
least this amount from the Reserves and indicatians are that
an estimated $20,000.00 will be expended during the next few
months to prepare the site for the praject, ie, demolition
and well capping.
I would recommend that you reguest Couneil authorize
Transferring $125,000.00 from Reserves to the Armory fund
at this time.
Thanks.
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