87-16
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CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE:
March 2, 1987
RESOLUTION NO:
87-16
MOTION BY:
Geving
Horn
SECONDED BY:
A RESOLUTION APPROVING YEAR END CLOSINGS AND TRANSFERS
WHEREAS, City staff has completed a year end review of the
financial records of the City of Chanhassen and have prepared the
attached Exhibit A of proposed fund closings, transfers, etc. -
all being completed so as to conform with recognized financial
standards; and
WHEREAS, the City Council has reviewed the attached exhibit
and finds that such conforms to the general policies of the City.
NOW, THEREFORE, BE IT RESOLVED THAT the attached Exhibit A is
hereby approved by the Chanhassen City Council.
Passed and adopted by the Chanhassen City Council this
2nd
, 1987.
day of
March
ATTEST:
Don
Q Q(l':;;:/3;)
Ashworth, C' y Manager
YES
NO
ABSENT
Hamilton
Boyt
Johnson
Horn
Geving
None
None
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CITY 0 F
CHAHHASSEH
/6
-
690 COULTER DRIVE. P.O. BOX 147 . CHANHASSEN, MINNESOTA 55317
(612) 937-1900
MEMORANDUM
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TO: Mayor and City Council
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FROM: Don Ashworth, City Manager
DATE: March 2, 1987
SUBJ: Authorize Various Fund Closings/Transfers to Close 1986
Financial Records
Staff is in the process of closing the 1986 financial records.
Field audit work by Voto, Tautges, etal will begin this week.
Council action, similar to all past years, is required. The
actions necessary have been grouped in the following general
categories:
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Debt Service: In June, 1986, the Council reviewed three debt
service studies completed by staff and audited by our private
CPA firm. These studies were titled "Cash Flow Analysis -
Tax Increment District #1"; "Cash Flow Analysis, Tax
Increment District #2"; "Cash Flow Analysis - General
Obligation/Special Assessment Debt". These analyses were
based upon 1985 audit figures as well as anticipated 1986
revenues/expenditures. The projected revenues/expenditures
have been adjusted to actual. No material change surfaced.
No changes in methodology/philosphy occurred in the updated
~ balances~ Approval of the transfer schedule of each of
these documents, updated to actual revenue/expense, is
recommended (action will be placed in resolution format, if
approved) .
1986 Budget Adjustments: It is typical procedure to make
budget adjustments during the course of the year as unfore-
seen changes occur. It is easy to forget that the Council's
motion to carry out a particular activity should also include
a formal resolution modifying the budget. The following fall
into the category of having a Council motion approving the
program and approving the expense, but not having a motion to
amend the budget. Sufficient revenues, in accordance with
the original discussion, exist(ed) to cover the approved
expense. Approval of the following 1986 budget adjustments
is recommended:
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Mayor and City Council
March 2, 1987
Page 2
Fund
Account
Amount
Description
208
$ 5,000
4300
Second half of Opt-Out
payments
208
4300
$ 5,000
Development Framework -
Fixed Service Contract -
Hoisington
208
$ 2,000
4300
MFD - Boland
1987 Budget Adjustments: The 1987 Budget was premised upon
budgeted 1986 expenditures occurring in 1986. The following
represent items approved as 1986 expenses, but which did not
occur in that year. Council action is necessary to delete
them as 1986 expenses and to move them forward into 1987:
Fund
Account
Amount
Description
101
121
$8,000
Computer/Software for
Police Departments.
Delayed recognizing
Castleberry's resignation.
700
711
500
Printer - Finance; Delayed
anticipating price reduction
in 1987.
101
121
N/A
Part-time Police Services/
Vehicle (tabled by City
Council on 2-23-87, future
action may occur).
Escrow Accounts: The following accounts are proposed to be
closed. Balances remaining are first used to pay any other
outstanding City debt. Any balance remaining is remitted to
the owner shown. All deficits have been submitted to the
attorney's office for collections and upon restitution,
monies received will be receipted (accrued) to the general
fund. Approval of the following transactions is recommended.
Description
Approximate
Balance
906 Meritor Watermain
908 Leaf Pickup
$ 5,166
<908>
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Mayor and City Council
February 27, 1987 -
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Capital Projects: Capital project funds are not included in
the City's operating budget (GAFRA standards required by
state/federal law). Capital projects for our City include:
South Lotus Lake Boat Access, Lake Ann Boat Access, Lake Ann
Shelter Building, etc. Each of these projects has dedicated
(one time) monies from state/federal/other sources to carry
out a specific capital project. The City matching par-
ticipation is "transferred" to this specific project.
Accordingly, the following transfers are recommended:
Transfer to Am:>unt Transfer from Description
452-Lake Ann Boat 36,400 4l0-Park Acquisition Parking Lot
Access and Developrent Ircprovement at
Lake. Ann
6l9-TH 101 Drainage 51,823 4l5-State Aid Account City Share of
Project Project (partial)
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Fund Closings: Funds no longer active require formal action
to close. Those funds include the following. Approval of
closing these funds to the fund designated is recommended.
Fund Proposed Approximate
for Closing Balance
202 Revenue Sharing $ 146
603 City Hall/ 16,912
Coulter Imp.
901 Quantum - Piper Ridge 19
621 Piper Ridge 0
617 Pheasant Hill 8,973
623 Creekwood Drive 186
903 United Mortgage 5,496
905 Fox Hollow 536
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Funds Transferred
to
General
513 Bonds of 1983
Debt Service
Debt Service
Refund Developer
Refund Developer
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Mayor and City Council
March 2, 1987
Page 4
Fund Proposed
for Closing
904 Normandale Properties
913 Opus Outlot 1
980 Alscor Investors
981 Detroit Diesel
983 Sunnybrook Development
906 Meritor
915 Fox Hollow
962 Kreslins
992 Gedney
Approximate
Balance
Funds Transferred
to
5,463
1,716
620 Lake Drive East
Feasibility
Study
14,565
4,683
1,554
5,167
Return Deposit
<41>
General
<2,245>
General
6,124
Return Deposit
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Approval of the Fund Closings/Transfers as outlined in this
memorandum is recommended.
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