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1h. Approve 2012 Fund Transfers9 CITY OF CHANgASSEN 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 7901 Park Place 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 MEMORANDUM TO: Mayor & City Council Members FROM: Greg Sticha, Finance Director (X5 DATE: June 25, 2012 0� SUBJ: Approve 2012 Fund Transfers 0 PROPOSED MOTION: The City Council approves the attached Resolution Authorizing 2012 Fund Transfers to become effective January 1, 2012. Approval requires a simple majority vote of the City Council. BACKGROUND The 2011 audit is complete, and the general fund finished with a surplus of $421,539. Based on discussions earlier this evening, staff recommends the transfer of that surplus to the revolving assessment construction fund (601). RECOMMENDATION Staff recommends that the City Council adopt the attached resolution approving the transfers as noted above. Approval requires a simple majority vote of the City Council. ATTACHMENT 1. Resolution 2. Revolving Assessment Fund f: \gregs \counci1\2012\2012 fund tsf memo 6- 25.docx Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow CITY OF CHANHASSEN CARVER AND HENNEPIN COUNTIES, MINNESOTA DATE: June 25, 2012 MOTION BY: RESOLUTION NO: 2012- SECONDED BY: RESOLUTION AUTHORIZING 2012 FUND TRANSFERS WHEREAS, the city's auditors have completed the 2011 Financial Audit and staff has identified two transfers that were discussed with the city council earlier this evening. The transfers are to be made as of January 1, 2012. follows: NOW, THEREFORE, BE IT RESOLVED by the City Council of Chanhassen, Minnesota, as Authorization; Findings The City Council hereby authorizes the Finance Director to transfer the following amounts as shown. Transfer from: 101 General Fund Transfer to: Amount 601 $421,539 Passed and adopted by the Chanhassen City Council this 25th day of June, 2012. ATTEST: Todd Gerhardt, City Manager Thomas A. Furlong, Mayor YES NO ABSENT Revolving Assessment Fund 2005 Project Cost Assessments 40% City Share Fund Bal - BOY Estimate for 2012 * * ** Levy Repayment Project Costs Investable Balance MVHC Street Levy & Tsf Interest Fund Bal - EOY Repayment Schedule 8 yr assmt @ 6% Project Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1,700,000 950,000 1,400,000 1,200,000 1,200,000 1,300,000 1,300,000 1,300,000 1,400,000 1,400,000 1,400,000 1,500,000 (680,000) (380,000) (560,000) (480,000) (480,000) (520,000) (520,000) (520,000) (560,000) (560,000) (560,000) (600,000) 1,020,000 570,000 840,000 720,000 720,000 780,000 780,000 780,000 840,000 840,000 840,000 900,000 712,000 (48,735) (134,630) (401,371) (329,043) (409,556) (376,019) (315,582) (298,203) (375,020) (481,962) (87,017) 437,842 130,680 444,410 450,192 431,698 670,538 664,293 659,378 660,978 653,293 1,114,690 1,111,790 627,842 737,346 775,540 831,720 699,717 673,951 705,336 666,687 673,128 653,803 682,789 682,789 (1,825,000) (950,000) (1,475,000) (1,200,000) (1,200,000) (1,300,000) (1,300,000) (1,300,000) (1,400,000) (1,400,000) (1,400,000) (1,500,000) (47,316) (130,709) (389,681) (319,459) (397,627) (365,067) (306,390) (289,517) (364,097) (467,924) (84,483) 207,562 (1,419) (3,921) (11,690) (9,584) (11,929) (10,952) (9,192) (8,686) (10,923) (14,038) (2,534) 6,227 (48,735) (134,630) (401,371) (329,043) (409,556) (376,019) (315,582) (298,203) (375,020) (481,962) (87,017) 213,789 23,000 23,000 34,000 34,000 209,300 209,300 103,063 103,063 58,795 58,795 $122,387.00 122,387 $77,297.00 23,000 34,000 34,000 209,300 209,300 103,063 103,063 58,795 58,795 122,387 122,387 77,297 77,297 $109,504.44 109,504 83,738 $61,193.66 209,300 103,063 103,063 58,795 58,795 58,795 122,387 122,387 122,387 77,297 77,297 77,297 109,504 109,504 109,504 61,194 61,194 61,194 $90,180.13 90,180 90,180 $77,297.25 77,297 $77,297.25 122,387 77,297 77,297 109,504 109,504 61,194 61,194 90,180 90,180 77,297 77,297 83,738 83,738 $83,738.69 83,738 83,738 $83,738.69 109,504 61,194 61,194 90,180 90,180 90,180 77,297 77,297 77,297 77,297 83,738 83,738 83,738 83,738 83,738 83,738 83,738 83,738 83,738 83,738 83,738 83,738 $83,738.69 83,738 83,738 83,738 $90,180.13 90,180 90,180 $90,180.13 90,180 $90,180.13 2024 2025 2026 2027 2028 2029 2030 1,500,000 1,600,000 1,600,000 1,700,000 1,700,000 1,800,000 1,800,000 (600,000) (640,000) (640,000) (680,000) (680,000) (720,000) (720,000) 900,000 960,000 960,000 1,020,000 1,020,000 1,080,000 1,080,000 213,789 541,669 788,935 1,058,681 1,255,381 1,476,900 1,621,454 1,109,990 1,109,290 1,104,590 1,106,490 1,099,090 1,098,590 1,098,590 702,114 714,997 734,321 753,646 779,412 798,736 824,502 (1,500,000) (1,600,000) (1,600,000) (1,700,000) (1,700,000) (1,800,000) (1,800,000) 525,892 765,956 1,027,846 1,218,817 1,433,884 1,574,227 1,744,545 15,777 22,979 30,835 36,565 43,017 47,227 52,336 541,669 788,935 1,058,681 1,255,381 1,476,900 1,621,454 1,796,882 83,738 83,738 83,738 83,738 83,738 83,738 83,738 83,738 83,738 83,738 90,180 90,180 90,180 90,180 90,180 90,180 90,180 90,180 90,180 90,180 90,180 90,180 90,180 90,180 90,180 90,180 90,180 90,180 $96,621.57 96,621 96,621 96,621 96,621 96,621 96,621 $96,621.57 96,621 96,621 96,621 96,621 96,621 $103,063.00 103,063 103,063 103,063 103,063 $103,063.00 103,063 103,063 103,063 $109,504.44 109,504 109,504 $109,504.44 109,504 $115,945.88