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L._ <br />»•rcT^^^G REQUEST FOR COUNCIL ACTION <br />JAN 2 6 2002 DATE: December 10,2001 <br />(;i IV ur unuiHO <br />ITEM NO: <br />Department Approval: i/^ / <br />Name Tom Kuehn <br />Title Finance Director <br />Administrator Reviewed:m Agenda Section: <br />City Administrator’s <br />Report <br />Item Description: <br />2001 Interfimd Transfers and Loan Payments <br />Attachment: Schedule of 2001 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 />1.) 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 of another. This is generally for City portions of special <br />assessments, or for equipment capital outlay. <br />(b) Loan payments from one fund to another. Loans are generally made to <br />construction funds for the 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 Community Investment Fund to the Water Operating Fund for the <br />Navarre water plant rehabilitation project. <br />COUNCIL ACTION REQUESTED; <br />Approval of transfers as indicated on the attached schedule. <br />. 4 ; <br />; <br />I <br />1s <br />% <br />i'