1h. Approve 2007 Fund Transfers
CITY OF
CHANHASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Adm inistralion
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
www.ci.chanhassen.mn.us
i ~\.,
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MEMORANDUM
TO:
Mayor & City Council Members
Greg Sticha, Finance Director Gh.
FROM:
DATE:
April 28, 2008
() \If:t.
SUBJ:
Approve 2007 Transfers
BACKGROUND
As part of the 2007 financial audit process, a few transfers need to be completed
as noted below:
1. In 2007, we eliminated the use of the Environmental Protection Fund
(211). All expenses and revenues related to this activity are now
recorded in the Storm Water Management Fund (720). This transfer
($26,026.11) is requested to move the remaining balance from the old
Environmental Protection Fund to the Storm Water Management Fund.
2. In 2005, the city refinanced the 1998A GO park bonds. This transfer will
move the remaining residual funds ($60,927.76) in the 1998A debt
service fund to the 2005C debt service fund where all transactions are
now recorded.
3. In 2005, the city retired the 1998B GO Improvement Bonds early. The
city was able to retire the debt early with pre-paid special assessment
collections and over-levy dollars as required by the 105% debt levy
requirement of the state. This transfer moves the remaining funds
($522,230.00) into the Revolving Assessment Construction fund where
our annual street reconstruction projects are recorded.
4. In 2006, the last required debt payment was made on the 2001 C
equipment certificates. This transfer will move the remaining fund
balance ($36,915.84) to the Capital Replacement Fund (400). The assets
purchased with the equipment certificate are now accounted for in the
capital replacement fund and the eventual replacement of those assets
will occur in that fund.
RECOMMENDA TION
Staff recommends that the City Council adopt the attached resolution approving
the transfers as noted for 2007. Approval requires a simple majority vote of
those City Council members present.
ATTACHMENT
1. Resolution
F:\GregS\Council\2008\2008 fund tsf memo for 12-31-07.doc
The City ot Chanhassen · A growing community with clean lakes, quality schools, a channing downtown, thriving businesses, winding trails, and beautiful parks. A great place to live, work, and play.
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE:
April 28. 2008
RESOLUTION NO:
2008-
MOTION BY:
SECONDED BY:
RESOLUTION AUTHORIZING 2007 FUND TRANSFERS
WHEREAS, the city's auditors have begun the 2007 financial audit and made the following
recommended fund transfers to close four funds in 2007.
NOW, THEREFORE, BE IT RESOLVED by the City Council of Chanhassen, Minnesota, as
follows:
1. Authorization: Findings. The City Council hereby authorizes the Finance Director to transfer the
following amounts as shown.
Transfer from:
211 Environmental Protection Mgmt Fund
345 1998A GO Park Bonds
346 1998B GO Improvement Bonds
355 2001C GO Equipment Certificates
Transfer to:
720
365
601
400
Amount
$26,026.11
$60,927.76
$522,230.00
$36,915.84
Passed and adopted by the Chanhassen City Council this 28th day of April, 2008.
ATTEST:
Todd Gerhardt, City Manager
Thomas A. Furlong, Mayor
YES
NO
ABSENT