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AGENDA ITEM <br />Prepared By:RJO Reviewed By: DJR Approved By: DJR <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1. Purpose. The purpose of this action item is to approve two additional 2019 transfers. <br /> <br />2. Background. In December the Council approved fund transfers that were budgeted for 2019. Two <br />additional, non-budget transfers now require approval. The transfers are as follows: <br /> <br />a) $4,339.05 from the General Fund to the Water Fund. <br /> <br />During 2018, revenue for the sale of some water meters and horns were inadvertently <br />recorded to the General Fund rather than the Water Fund. The funds for these <br />transactions need to be transferred to the water fund. <br /> <br />b) $239,917 from the Pavement Management Fund to the Municipal State Aid Fund (MSA). <br /> <br />The Fox Road project included both MSA and non-MSA sections. This transfer is to pay <br />back the MSA fund for the portions of the project the non-MSA portions of the project. <br /> <br />3. Staff Recommendation. Staff recommends approval of the additional 2019 Transfers as presented. <br /> <br />COUNCIL ACTION REQUESTED <br /> <br />Motion to approve the 2019 transfers as presented. <br /> <br /> <br /> <br /> <br />Item No.: 5 Date: May 26, 2020 <br />Item Description: Approval of 2019 Transfers <br />Presenter: Ron Olson <br />Finance Director <br />Agenda <br />Section: <br />Consent Agenda