1f. 2007 Transfer of Excess Fund Balance
CITY OF
CHANHASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone: 952.227.1100
Fax: 952.227.1110
Building Inspections
Phone: 952.227.1180
Fax: 952.227.1190
Engineering
Phone: 952.227.1160
Fax: 952.227.1170
Finance
Phone: 952.227.1140
Fax: 952.227.1110
Park & Recreation
Phone: 952.227.1120
Fax: 952.227.1110
Recreation Center
2310 Coulter Boulevard
Phone: 952.227.1400
Fax: 952.227.1404
Planning &
Natural Resources
Phone: 952.227.1130
Fax: 952.227.1110
Public Works
1591 Park Road
Phone: 952.227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Web Site
WIfW.ci .chanhassen. mn .us
24
MEMORANDUM
TO:
Mayor & City Council Members
FROM:
(ff t7,.
e~
Greg Sticha, Finance Director
DATE:
July 23,2007
SUBJ:
Approve 2007 Transfer of Excess Fund Balance in General Fund
BACKGROUND
The financial audit is complete at this time and the general fund had revenues
exceed expenditures by $620,000, excluding transfers. This is resulting in a
fund balance at the end of 2006 of $4.82 million. Staff is recommending
capping the catastrophic reserve in the general fund at $1.3 million. Listed
below is a breakdown of the general fund balance at the end of 2006, and the
amount that would be available to be transferred to the "Revolving Special
Assessment Street Construction Fund" in 2007.
General Fund Balance at 12-31-06
Required Reserve Per City Policy
Catastrophic Reserve
$4,820,270
(3,246,550)
(1.300.000)
Excess Fund Balance Available to Transfer
$273,720
Staff is recommending the transfer of the $273,720 to the Revolving Special
Assessment Street Construction Fund.
RECOMMENDA TION
Staff recommends that the City Council approve the transfer as noted for 2007.
Approval of this item requires a simple majority vote of those City Council
members present.
ATTACHMENT
1. Resolution
The City 01 Chanhassen · A growing community with clean lakes, quality schools, a charming downtown, thriving businesses, winding trails, and beautiful parks. A great place to live, work, and play.
F:\GregS\Council\2007\2007 fund tsf memo gen fund excess.doc
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE:
Julv 23. 2007
RESOLUTION NO:
2007-
MOTION BY:
SECONDED BY:
RESOLUTION AUTHORIZING 2007 FUND TRANSFER
WHEREAS, the city's auditors have completed the 2006 financial audit and made
recommendations for fund transfers.
NOW, THEREFORE, BE IT RESOLVED by the City Council ofChanhassen, Minnesota, as
follows:
1. Authorization; Findings. The City Council hereby authorizes the Finance Director to transfer the
following amounts as shown.
Transfer from:
101 General Fund
Transfer to:
601
Amount
$273,720.00
Passed and adopted by the Chanhassen City Council this 23rd day of July, 2007.
ATTEST:
Todd Gerhardt, City Manager
Thomas A. Furlong, Mayor
YES
NO
ABSENT