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I '' V <br />COUNCIL MEETING <br />UEC 122005 <br />REQUEST FOR COUNCIL ACTION CITY OF ORONO <br />DATE: December 12,2005 <br />ITEM NO: |3 <br />Department Approval^ / <br />Name Tom Kuehn <br />Title Finance Director <br />Administrator Reviewed: Agenda Section: <br />City Administrator's <br />Report <br />Item Description: 2005 Interfund Transfers and Loan Payments <br />Attachment: Schedule of 2005 Interfund Transfers and Loan Payments <br />Each year the Council is requested to authorize transfer of monies between funds. These <br />transactions fall into two categories: <br />I.) Budgeted Transfers - Items designated in that year’s budget when <br />originally adopted for the purpose of providing support from one fund to <br />another. <br />2.) Fund Obligations • <br />(a) Payments from one frmd to another to reimburse expenses incurred by one <br />fund on behalf on another. This is generally for City portions of special <br />assessments, for equipment capital outlay. <br />(b) Loan payments from one fund to another. Loans are generally made to <br />construction funds for me purpose of payment of expenses incurred prior <br />to the sale of bonds and the levying of special assessments. In addition <br />certain loans are necessary to fund major undertakings when the fund <br />incurring the expense does not have adequate cash flow available to <br />complete the project. This would include such situations as the loan from <br />the Contununity Investment Fund to the Water Operating Fund for the <br />Navarre water plant rehabilitation project. <br />COUNCIL ACTION REQUESTED: <br />Approval of transfers and loan payments as indicated on the attached schedule.