1 2000 Fund ClosingsCITYOF
CHANHASSEN
690 City Center D~ive, PO Box 147
Chanhassen, Minnesota 55317
Phone 612.937.1900
General Fax' 612. 937. 5739
Engineeri,g F~r 612.937. 9152
Public Safety F~r 612.934.2524
~b www. ci.c/.~a,hassen, mn. us
MEMORANDUM
TO:
FROM:
Mayor
City Council
Bruce M. DeJong, Finance Director/~~J
DATE: June 14, 2001
SUBJECT: Resolution Authorizing 2000 Fund Closings
The City Council has discussed fund closings at several times during the past two
years. The intent was to consolidate several funds that are no longer being used or
duplicate the function of another fund. I have prepared a list of those funds that I
recommend closing and attached it to this memo.
The purpose of this memo is to request City Council authorization to close a
number of city funds that are redundant or no longer needed..
I recommend closing several special revenue funds. We anticipated closing the
Fire Relief fund in the 2001 budget, which shows the revenue and expense
associated with this fund as general fund activities. The other three special
revenue funds (220, 221, and 222) have been included in the general fund
financial statements in past years, but this action will close them for good.
We have paid off all the debt service associated with the funds in the 300-350
range. I recommend that the balances be transferred to the respective TIF districts
if the bonds were TIF-related. Otherwise, I have shown the transfer to Fund 300 -
the closed bond fund. Amounts in Fund 300 can be transferred anywhere based
on City Council direction, but I would like to save that money. It can be used to
pay TIF expenses not covered by increment or as a revolving debt service fund.
This would allow the city to self-finance smaller special assessment projects
internally without needing to bond for them. We would then save the
approximately 8% cost of bonding on each project.
For capital out funds from 400-699, if a project has been closed out and no further
activity will be performed, I have transferred the remaining balance to either the
TIF district with which it is associated, the debt service fund that is repaying the
bonds issued to finance the project, or to fund 400.
Recommendation
City staff recommends that the City Council authorize closing the funds listed to
the proper accounts as of December 31, 2000.
The Gty oflChanhassen. A growin~ community with clean lakes, ttuality schools, a channin¢ downtown, thrivin¢ businesses, and beautiEal oarks. A ~reat o/ace to live, work. and o/av.
Fund Closings for 2000
06/t4/01
Fund No.
203
220
221
222
3O2
324
341
623
672
48O
422
459
469
475
493
496
628
673
95O
441
442
444
Fund Name
Fire Relief
Crime Safety
HazMat
Honor Guard
Net Total
Approx Fund Bal
Total
91D Refund Bds
90B Impr Bds
96A Impr Bds
Net Total
Approx Fund Bal
Total
Lyman/Lake Riley
Coulter Phase II
Net Total
Approx Fund Bal
Total
Carver Co Hwy
Net Total
Approx Fund Bal
Total
Hwy 212 RALF
Gen Cap Facilities
CDBG
Railroad Depot
Dist 112 TIF Agrmt
TIF 4-1 (not established)
Dwntwn Publ Impr
Coulter Underpass
Vehicle Maint
Net Total
Approx Fund Bal
Total
Neighborhood Parks
Community Parks
Trail Construction
Net Total
Approx Fund Bal
Total
Approximate Amount
250,000.00
5,500.00
(4,5OO.OO)
(23.00)
250,977.00
3,945,000.00
4,195,977.00
(3,6OO.OO)
163,000.00
583,000.00
742,400.00
449,000.00
1,t91,400.00
870,800.00
1,419,000.00
2,289,800.00
1,214,000.00
3,503,800.00
104,800.00
I04,800.00
781,000.00
885,800.00
(5,200.00)
1,028,000.00
(45.00)
(2,300.00)
(48o.oo)
(4,ooo.oo)
(27,100.00)
(226,000.00)
429,000.00
1,191,875.00
614,000.00
1,805,875.00
(45,600.00)
(189,000.00)
(179,100.00)
(413,700.00)
526,000.00
112,300.00
Transfer to Fund
101
101
3OO
3OO
342
342
344
4OO
40O
Transfer from Fund
101
101
3O0
4OO
400
400
400
400
400
400
443
443
443
Fund Closings for 2000 (Cont.)
06/14101
329
33O
338
35O
465
473
641
66O
661
328
332
337
670
656
705
706
710
721
93A Tax Incr Bds
93B Tax Incr Bds
95A Tax Incr Bds
98G Tax Incr Bds
Ped Bridge ISTEA
Hanus Properties
Hwy 101 & 5 Align
90-17 Hwy 5 (17-41)
W 78th Realign
Net Total
Approx Fund Bal
Total
91C Tax Incr Bds
93D Tax Incr Bds
94E Tax I ncr Bds
School Coop
Net Total
Approx Fund Bal
Total
Upper Bluff Creek
Well #8
Water Tower
WtdSwr Expansion
Net Total
Approx Fund Bal
Total
Infiltration Impr
Net Total
Approx Fund Bal
Total
(1,804,000.00)
(958,000.00)
198,300.00
(2,271,000.00)
226,600.00
(513,900.00)
(12,600.00)
(141,400.00)
9,700.00
(5,266,300.00)
2,078,000.00
(3,188,300.00)
23,000.00
(1,500.00)
(143,500.00)
(125,100.00)
(247,100.00)
(567,000.00)
(814,100.00)
(385,8OO.O0)
(17,800.00)
(37,200.00)
2,072,000.00
1,631,200.00
4,072,000.00
5,703,200.00
(196,500.00)
(196,500.00)
2,082,000.00
1,885,500.00
460
460
460
(Does not include other associated
debt service funds)
468
(Does not include other associated
debt service funds)
700
460
460
46O
46O
46O
46O
468
468
468
700
700
700
720