1f Approval of Fund Transfers
CITY OF
CHANHASSEN
7700 Markel Boulevard
PO Box 147
Chanhassen, MN55317
Adminislralion
Phone: 952.227.1100
Fax 952.2271110
Building Inspeclions
Phone: 952.2271180
Fax 952.227.1190
Engineering
Phone: 952.227.1160
Fax: 952.227.1170
finance
Phone: 952.227.1140
Fax: 952.227.1110
Park & Recrealion
Phone: 952.227.1120
Fax: 952.227.1110
RecreationCenler
2310CoullerBoulevard
Phone 952.227.1400
Fax: 952.227.1404
Planning &
Nalural 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: 952.2271125
Fax: 952.227.1110
WebSile
www.ci.chanhassen.mn.us
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MEMORANDUM
TO:
Mayor
City Council Members
Bruce M. Dejong, Finance Directo~
December 8, 2004 Û~
FROM:
DATE:
SUBJECT:
Approval of Fund Transfers
In order to clean up and close several funds this year, staff is recommending
transfers that will eliminate deficits and will clear remaining funds to the
appropriate funds. Staff recommends that these funds be authorized for clearing
after the appropriate interfund interest receivable or payable is calculated and
credited to each fund. This will change the figures listed for transfer by up to
2.5% (estimated interest earnings rate for 2004), but will be negligible when the
debits and credits are netted out. Any remaining assessment will be transferred to
Closed Bond Fund (300).
Background
Several bond funds were had their final payments completed this year and need to
be closed. These funds include the 1991A GO Improvement Bonds (326), the
1994B Improvement Refunding (334), the 1996B Improvement Bonds (342), the
1998D Tax Increment Bonds (347), the 1998F Tax Increment Refunding Bonds
(349), and the Carver County HRA Bonds (359). These will be closed to either
the Closed Bond Fund (300) or the Downtown TIP District as necessary. The
1996D bonds (344) should have been closed using the General Fund transfer to
debt service, but were paid with Historic Preservation Trust funds. Staff proposes
to transfer the $821,915 ITom the General Fund to 1996D bonds and then close the
remainder back to Historic Preservation Trust.
We also have some capital projects funds that need to be cleared up. Those
include Chan Bowl (445), Eden Trace TIP special assessments (497), and Special
Assessment Projects (600).
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Recommendation
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Staff recommends that the City Council approve the transfers as presented. This
action requires a simple majority of those present at the meeting.
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Enclosures: Resolution
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The City 01 Chanhassen . A growing communl~ wllh clean lakes, quallly schools, a charming downlown, thriving businesses, winding Iralls, and beaulllui parks. A gæal place to live, work, and play
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CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE:
December 13. 2004
MOTION BY:
SECONDED BY:
RESOLUTION NO:
2004-
Resolution Authorizing 2004 Fund Transfers
A. WHEREAS, the City Council of the City ofChanhassen, Minnesota, has determined that it is
expedient to close several funds and transfer the balances to an appropriate fund in order to more
clearly show the financial condition of the city; and
B. WHEREAS, the Finance Director has listed those funds currently eligible to be closed and the
appropriate fund to receive the balances;
NOW, TIIEREFORE, BE IT RESOLVED by the City Council of Chanhassen, Minnesota, as follows:
1. Authorization: Findings. The City Council hereby authorizes the Finance Director to close the
following funds and transfer the balances as shown.
Transfer from:
326 1991A GO Improvement Bonds
334 1994B Improvement Refunding
342 1996B Improvement Bonds
347 19980 Tax Increment Bonds
349 1998F Tax Increment Refunding Bonds
359 Carver County HRA Bonds
344 19960 Improvement Bonds (CABS)
445 Chan Bowl
Eden Trace Special Assessments
600 Special Assessment Projects
101 19960 Improvement Bonds (CABS)
Transfer to:
300
300
300
460
460
300
300
460
351
495
344
Amount
(18,465.75)
7,342.17
57,327,27
(175,00)
(3,100,397.38)
(859.22)
821,915.00
4,913.73
100,860.35
660,357,00
821,915.00
Passed and adopted by the Chanhassen City Council this 13th day of December, 2004.
ATTEST:
Todd Gerhardt, City Manager
Thomas A. Furlong, Mayor
YES
NO ABSENT
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