05-12-2003 Council Packet - Laserfiche WebLink

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Prug/Felonv Forfeiture Fund This fund typically has no revenue or expenditures budgeted as the amount of either is subject to wide fluctuation. The revenue budget requires adjustments for 2002 for fines, $50; forfeiture collections through the sale of forfeited equipment, $13,490; and interest income from the investment pool of $1,200. Affordable Housing Grant/Loan Fund This fund was established to provide funding assistance for affordable housing to applicants who meet the program requirements. The City receives funds from the Met Council, Community Development Block Grant, and the State. For 2002 the City was reimbursed $84,000 in January, 2003. The revenue amendment for 2002 is $84,000 for State grants and aids. Because the reimbursement was received in 2003 the fund currently reflects a negative cash balance at the end of 2002. To clear the negative cash balance a temporary loan is required from the General Fund of $45,500, which will be repaid from the grant reimbursements. The following are the amendments to the expenditure budgets of the Special Revenue Funds: Special Revenue Funds Budget Amendment Park Fund: Navarre Park Improvements Hackberry Park Insprovements Total budget amendments $ 1,360 16.900 $ 18.260 The amendments are to fund the remainder of the Navarre Park improvement costs, including the drinking fountain, and the balance of the Hackberry Park improvement costs. Improvement and Equipment Outlay Fund: Transfer to Community Investment Fund $ 190.0001 The expenditure amendment reduction is a result of the distribution of the first portion of the unused funds from the Orono/Long Lake joint fire project. It appears that there will be additional funds available for distribution to the two cities when the joint project is completed. There is a good possibility that little if any reimbursement of the Orono portion will be required from the Improvement and Equipment Fund to the Community Investment Fund. Community Investment Fund:No amendments required Drug/Felon*' Forfeiture Fund: An expenditure amendment is required to fund the expenses incurred related to legal, advertising items for sale, and other miscellaneous expenses, in the amount of $5,420. ----