D-3. Approval of Year-End Transfers�-3
1VT
MEMORANDUM
Engineering
TO: Mayor &City Council
CITY OF
street improvement projects. Therefore, the remaining amount of surplus that could be transferred
CHMNSEN
FROM: Greg Sticha, Finance Director
7700 Market Boulevard
DATE: July 11, 2016
PO Box 147
Chanhassen, MN 55317
SUBJ: Approval of Year End Transfers
Administration BACKGROUND
Phone: 952.227.1100
Fax: 952.227.1110 This year the General Fund had a surplus of $421,281. Previous Councils have committed to the
Building Inspections completion of picnic shelters at all of the city's neighborhood parks using any surpluses created in
Phone: 952.227.1180 the General Fund. The amount needed for this year's picnic shelters would be $120,000.
Fax: 952.227.1190
Public Works
7901 Park Place
Phone: 952.227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Website
www.ci.chanhassen.mn.us
Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow
It has also been the practice of previous councils to transfer any remaining General Fund Surplus
Engineering
to the Revolving Assessment Construction Fund in order to pay for the city portion of the annual
Phone: 952.227.1160
street improvement projects. Therefore, the remaining amount of surplus that could be transferred
Fax: 952.227.1170
to the Revolving Assessment Construction Fund would be $301,281. Staff is recommending a
transfer of these funds consistent with other General Fund surpluses.
Finance
Phone: 952.227.1140
Fax: 952.227.1110
In addition, staff is also recommending the closing of Fund #600 (Special Assessment Project
Fund). This fund was set up in the 1990s to account for various special assessment street
Park & Recreation
reconstruction projects. In 2005, the city established its current Revolving Assessment
Phone: 952.227.1120
Construction Fund (Fund #601) to account for all future street reconstruction/improvement
Fax: 952.227.1110
projects. All of the old special assessments accounted for in Fund #600 have now been paid and
there is a remaining cash balance of $81,084. Staff is recommending the transfer of these
Recreation Center
remaining funds into the Revolving Assessment Construction fund (Fund #601) and the closing of
2310 Coulter Boulevard
fund #600.
Phone: 952.227.1400
Fax: 952.227.1404
ATTACHMENTS
Planning &
Natural Resources
1. Resolution Authorizing year end transfers.
Phone: 952.227.1130
Fax: 952.227.1110
f. \gregs\audit\201 5\review of 2015 audit & ye tsfs.docx
Public Works
7901 Park Place
Phone: 952.227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Website
www.ci.chanhassen.mn.us
Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE: July 11, 2016 RESOLUTION NO: 2016 -
MOTION BY: SECONDED BY:
A RESOLUTION AUTHORIZING A TRANSFER FROM THE GENERAL FUND SURPLUS
FROM THE YEAR ENDING DECEMBER 31, 2015, AND THE CLOSING OF FUND #600
(SPECIAL ASSESSMENT PROJECT FUND) WITH ANY REMAING FUNDS TO BE
TRASFERRED TO THE REVLOVING ASSESSMENT CONSTRUCTION FUND (FUND #601).
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHANHASSEN AS
FOLLOWS:
1. That the city had a surplus in the city's General Fund for fiscal year ending December 31,
2015 of $421,281; and
2. That a transfer of $120,000 from the city's General Fund (10 1) to the city's Capital
Equipment Construction Fund (400), to be used for the ongoing construction of picnic
shelters in the various neighborhood parks; and
3. A transfer of $301,281 from the city's General Fund (10 1) to the city's Revolving
Assessment Construction Fund (601) to aid in the funding of the ongoing city portion of
street reconstruction projects; and
4. A transfer of the remaining cash balance in the Special Assessment Project Fund (600) of
$81,084 to the Revolving Assessment Construction Fund (601); and
5. The permanent closing of the Special Assessment Project Fund (600).
Passed and adopted by the Chanhassen City Council this 11th day of July, 2016.
ATTEST:
Todd Gerhardt, City Manager Denny Laufenburger, Mayor
YES NO ABSENT