1d. Approve 2008 Transfers of Excess Funds
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
'INIW.ci .chanhassen .mn. us
MEMORANDUM
TO:
Mayor & City Council Members
SUBJ:
Approve 2008 Transfer of Excess Fund Balance in General Fund
PROPOSED MOTION
"Staff recommends that the City Council approve the attached resolution
authorizing the transfer of $796,836 from the General Fund to Fund 601."
I
Approval of this resolution requires a simple majority vote of those City
Council members present. i
The financial audit is complete and the general fund had reven'ues exceeding
expenditures by $944,736, excluding transfers.
This surplus was the result of a few revenue items exceeding budget in 2007,
including receiving our Market Value Homestead Credit from the state
($162,000) which was not budgeted, building permits ($130,000), and
investment income ($70,000). We also had a one-time revenue generation from
taking some SAC credits related to the demolition of the Lakeview Hills
Apartment complex ($100,000). In addition, various city departments under-
spent their budgets by $267,000. The remaining increase was from a number of
smaller revenue items that exceeded budget in 2007.
Therefore, the fund balance at the end of 2007 was $5.49 million. Listed below
is a breakdown of the general fund balance at the end of 2007, and the amount
that would be available to be transferred to the "Revolving Special Assessment
Street Construction Fund" in 2008.
$5,491,286
(3,394,450)
0.300.000)
i
$796,836
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The City of 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.
FROM:
(gv11-
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Greg Sticha, Finance Director
DA TE:
June 23, 2008
BACKGROUND
General Fund Balance at 12-31-07
Required Reserve per City Policy
Catastrophic Reserve
Excess Fund Balance Available to Transfer
F:\GregS\Council\2008\2008 fund Isf memo gen fund excess.docx
Mr. Todd Gerhardt
June 23, 2008
Page 2
RECOMMENDA TION
Staff is recommending that the City Council adopt the attached resolution
transferring $796,836 to the Revolving Special Assessment Street
Construction Fund.
ATTACHMENT
1. Resolution
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE:
.June 23. 2008
RESOLUTION NO:
2008-
MOTION BY:
SECONDED BY:
RESOLUTION AUTHORIZING 2008 FUND TRANSFER
WHEREAS, the city's auditors have completed the 2007 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. I
i
Transfer from: Transfer to: Amount:
101 General Fund 601 $796,836.00
Passed and adopted by the Chanhassen City Council this 23rd day of June, 2008.
ATTEST:
Todd Gerhardt, City Manager
Thomas A. Furlong, Mayor
YES
NO
ABSENT