E-6. Resolution 2017-72 Approve Year-End Transfer from 123116 and Close Funds No Longer in Use.,„
CI'TY'OF CH,AX11,ASS,E I
C'�ia0iassein hs a Coniinnuitty for 1.0b, Tvinorrow
TO: Mayor & City Council Members
FROM: Greg Sticha, Finance Director
DATE: December 11, 2017 0ri
16r
SUBJ: Approve Closure of Funds no longer in use and Transfer of the
2016 General Fund Surplus
"The City Council approves the attached Resolution Authorizing 2017 Fund Transfers and
Closure of Funds no longer in use."
The 2016 audit was completed earlier this summer and the general fund finished with a surplus
of $403,647. It is recommended that the majority of the surplus ($283,647) be transferred to the
Revolving Assessment Construction Fund (601), which is consistent with prior years; and the
remaining $120,000 be transferred to the Neighborhood Park Picnic Shelter Initiative
(PK&T-120).
In addition to the transfer of the General Fund surplus, staff is recommending the transfer of
$2,798.68 from the TH 101 IMP/Lyman-Pioneer Fund (#604) to TH 101 IMP/Pioneer-Flying
Cloud Fund (#605). All activity in Fund 604 is complete and transferring the remaining small
fund balance to the next phase of 101 improvements Fund 605 seems to be the most logical
placement. Also, staff is recommending the closure of Fund 604.
Over the past three years the city has decertified and returned all excess increment to Carver
County related to the following TIF funds:
1. TIF #4 Entertainment District (Fund # 491)
2. TIF #5 North Bay (Fund # 494)
3. TIF #9 Gateway Place (Fund # 461
4. TIF #10 Downtown Transit (Fund # 462)
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Mayor & City Council
Year End Fund Transfers and Closures
December 11, 2017
Page 2
All four of these funds have a zero balance. Closing them via the attached resolution is for
accounting purposes so they will no longer be included in the city's financial statements. All
other required closure documents with the State Auditor's office and the County have been
completed. This is the last remaining step for closing these TIF funds.
Staff recommends that the City Council adopt the attached resolution approving the transfers and
fund closures as noted above. Approval requires a simple majority vote of the City Council.
ATTACHMENT
1. Resolution.
f-,\gregs\council\2017\2016 gen fund surplus tsf and fund closures memo 12-11-17.docx
CITr OF CF.AAAASS
-4�1'auL749g.72,
DATE: December 11 2017 RESOLUTION NO: 2017- XX
MOTION BY: SECONDED BY:
I we] M M 1101111110161 941MAN X Hill
WHEREAS, the city's auditors have completed the 2016 Financial Audit. Staff has identified the
General Fund Surplus as of December 31, 2016 to be $403,647.
WHEREAS, the city has decertified and closed four TIF 7 Districts (TIF#4, TIF#5, TIF#9, and TIF# 10)
and returned all excess Tax Increment to Carver County.
WHEREAS, the city has completed all construction and payment of related activities in the TH 101
Improvements Lyman to Pioneer Trail (Fund #604), and staff is recommending the transfer of the remaining
funds in Fund #604 to the next phase of construction on TH 10 1 Pioneer Trail to Flying Cloud Drive (Fund #605).
shown:
NOW, THEREFORE, BE IT RESOLVED by the City Council of Chanhassen, Minnesota, as follows:
Authorization: The City Council hereby authorizes the Finance Director to close the following funds as
Fund Name -----------------------
Fund Number
TH 101 Y�i �L
TIF #4 Entertainment District
------------
................................... . ......... ... .....
TIF #5 North Ba District
11
TIF #9 Gateway Place Distnict
0 ■
Tr
TIF #10 Downtown Transit bistrict�l
s
-------- --
2. Authorization: The City Council hereby authorizes the Finance Director to transfer the following
amounts as shown:
10 1 General Fund
601
10 1 General Fund
604'rH101/Lym-Pioneer
Passed and adopted by the Chanhassen City Council this 11' day of December, 2017.
F41V *1 *1 In
Todd Gerhardt, City Manager Denny Laufenburger, Mayor
YES NO ABSENT