1j. Approval Year End Closing & Transfers I � •
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690 COULTER ORNEw P.O. BOX 147 • CHANHASSEN, MINNESOTA 55317
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IMEMORANDUM
IDATE: April 5, 1990
Ti' Don Ashworth, City Manager
IFROM: Tom Chaffee, Finance Department
SUBJECT: 1989 Year-End Audit Fund Closings and Transfers
In accordance with Minnesota statutes and City policy, I have
I cmpiled the attached lists of proposed fund closing and cash
transfers necessary to complete the audit process for 1989. I
have tried to maintain conformity with past years presentations
N� and yet combine entries, where possible, for ease in
��
�� reading/understanding.
The fund closings must be approved by the City Council as
U required by law. Transfers included in the Adopted 1990 Budget
for 1989 and 1990 are not being repeated in the attached
listing . Although the Council did approve the Debt Analysis
I Study, I do not find a resolution adopting such. Accordingly, I
am including the proposed transfers called for in that document.
The complete detailed documentation of each transaction reflected
I on the attached lists has been compiled and will naturally be
examined by the City auditors and adjusted where necessary, to
I City properly record these items in the City Annual Financial Report
for 1989.
IRecommendation: State law is ironic in that staff can
establish separate funds (accounto») , but such cam only be closed
by City Council action. For examplev the Anderson Clean-Up Fund
was established by staff as the best means to account for clean-
up costs. The monies were established by the HRA as a part of
�� established the purchase agreement. The monies clearly came from the HRA,
but staff , legally, cannot close (return the monies to the HRA)
Ithe fund without City Council approval . Approval is recommended.
I
1989 FUND CLOSINGS AND TRANSFERS N�
Approximate Balance Fund �� Close Transfer
-- -- -- U�
12.50 472 Downtown Maintenance 101 General Fund
Continued Funding did not occur
5,500.00 902 Anderson Clean-Up 460 HRA
Project Completed
.00 903 Hilloway Corp. - Refunded
Shadowmere
Project Completed N�
-1 ,600.00 627 Lake Lucy Road/ 402 Water Expansion
Trunk Watermain
Project Completed N�
-5,400.00 638 87-5 Church Road Sewer 401 Sewer Expansion
Project Completed N�
1989 TRANSFERS
emovat Transfer To Transfer From N�
505550.00 516 Bonds of 1986 401 Sewer Expansion
660,520.00 309 TID Bonds of 1983 460 HRA
338,038.00 315 TID Bonds of 1987 460 HRA N�
{�
135,784.00 318 TID Bonds of 1988 460 HRA
190,000.00 513 G.O. Bonds of 1983 460 HRA N�
39,721 .49 627 Lk Lucy Road/ 415 MSA
Trunk Watermain 0�
Because of time delays associated with our Audit process this year (primarilyN�
due to engaging new audit firm) the amounts stated above are approximated ~�
cash balances based on latest known figures. No significant changes in
these amounts are anticipated. Naturally, any other assets or liabilities
of the funds would also be transferred to the designated "Transfer To" fund. N�
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