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1g Approval of 2006 Transfers and Creation of Revolving Assessment Fund CITY OF CHANHASSEN 7700 Market Boulevard PO Box 147 Chanhassen, MN 55317 Administration Phone 952,227 1100 Fax 952,2271110 Building Inspections Phone 952.2271180 Fax 952,2271190 Engineering Phone 952.2271160 Fax 952.227 1170 Finance Phone 952.2271140 Fax 952,227 1110 Park & Recreation Phone 952,227 1120 Fax 952,2271110 Recreation Center 2310 Coulter Boulevard Phone 952,2271400 Fax 952.2271404 Planning & Natural Resources Phone 952.2271130 Fax: 952.2271110 Public Works 1591 Park Road Phone 952.2271300 Fax 952.2271310 Senior Center Phone 952.2271125 Fax 952,2271110 Web Site www.ci.chanhassen.mn.us MEMORANDUM ~ TO: Mayor City Council Members FROM: (0.'7' . v ~ Greg Sticha, Finance Director DA TE: July 6, 2006 SUBJ: Approve 2006 Transfers and Creation of Revolving Assessment Fund BACKGROUND As you probably are aware, a portion of the excess cash reserves in the General Fund, Historic Preservation Trust Fund, and the Permanent Revolving Debt Fund have been identified by staff for the eventual use and creation of a Revolving Assessment Fund. This fund would be used to fund the city's portion of the costs for the annual street reconstruction program. In addition, this fund will receive special assessment collections to fund the property owner's portion of the constructIon costs. Staff has also noted that additional tax levy will become available in 2010 due to a large reduction in the CIty'S tax levy debt burden, and that additional levy could be used to fund this program as well. The concept of this fund has been discussed over the last few years and the following resolution is to formally create the fund and make the transfers from the funds listed in the resolution and in the "Available Cash Surplus" spreadsheet. In addition, staff is recommending the use of these funds for previously committed projects including reimbursement for a portion of the legal costs related to the Library settlement ($70,000), Lake Ann parking lot improvements ($395,000), and an entry monument to the city's cemetery ($25,000). RECOMMENDA TION Staff recommends that the City Council establish a "Revolving Assessment Fund" to fund the city's portion of the costs for the annual street reconstruction program. In addition and related to the establishment of that fund, staff is recommendmg the transfers listed in the attached resolution be made in 2006 to create this fund. This action requires a simple majority vote of those present at the meeting. ATTACHMENT 1. ResolutIOn 2. "Available Cash Surplus" Spreadsheet 3. "Revolving Assessment Fund" Forecast Spreadsheet The City of Chanhassen · A growing community with clean lakes, quality schools, a charming downtown, thriving businesses, winding trails, and beautifut parks, A great place to live, work, and play CITY OF CHANHASSEN CARVER AND HENNEPIN COUNTIES, MINNESOTA DATE: Julv 10. 2006 RESOLUTION NO: 2006- MOTION BY: SECONDED BY: RESOLUTION AUTHORIZING 2006 FUND TRANSFERS WHEREAS, the City Council of the City of Chanhassen, Minnesota, has determined that it is expedient to establish an "Revolving Assessment Fund" and transfer the following amounts to create the fund and transfer related amounts for previously identified projects; and WHEREAS, fund 101 (General Fund) and fund 300 (Permanent Revolving Debt Fund) and fund 800 (Historic Preservation Trust Fund) have transferred the amounts as listed below to fund 601 (Revolving Assessment Fund); and WHEREAS, Fund 601 (Revolving Assessment Fund) have transferred the amount listed below for previously committed projects to fund 400 (Capital Replacement Fund); NOW, THEREFORE, BE IT RESOLVED by the City Council ofChanhassen, Minnesota, as follows: 1. Authorization; Findings. The City Council hereby authorizes the Finance Director to transfer the following amounts as shown. Transfer from: 100 General Fund 300 Permanent Revolving Debt Fund 800 Historic Preservation Trust Fund 601 Revolving Assessment Fund Transfer to: 601 601 601 400 Amount 2,466,497 00 3,200,000.00 469,944.00 490,000 00 Passed and adopted by the Chanhassen City Council this 10th day of July, 2006. ATTEST: Todd Gerhardt, City Manager Thomas A. Furlong, Mayor YES NO ABSENT lI) - c: CIl E :!:: E E o z~ W.!!! (/)-$ (/) ~ ro <(-E I 0 ._ Zc..(jj <(ujW I>LO Oll)~ LL::J"- a c.~ ~"'N f-::J"- _tn OJ: lI) nJ (.) 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