Laserfiche WebLink
NX <br />REQUEST FOR COUNCIL ACTION <br />DATE: March 21,1997 <br />% <br />ITEM NO: / "J <br />Department Approval: ^ . <br />Name Tom Kuehn --'fytlK' <br />Administrator Reviewed: <br />Title Finance Director <br />Agenda Section: <br />City Administrator's <br />Report <br />Item Description: <br />1992 Construction Fund Close Out - Resolution <br />Attachment: Resolution to Close the 1992 Construction Fund <br />The 1992 Construction Fund was created to account for the construction costs of the <br />Stubbs Bay area sanitary sewer system. The costs have been finalized and the remaining <br />cash and interest receivable amounts should be closed to the 1992 debt service fund. <br />Before the remaining assets are transferred to the debt fund two operating transfers are <br />required to reimburse the PIR Fund and the General Fund. The transfer to the PIR Fund <br />in the amount of $25, i 00.00 is for reimbursement not previously made of preliminary <br />legal, engineering, and staff labor costs incurred within the PIR Fund prior to the sale of <br />the bonds. The transfer to the General Fund in the amount of $32,100.00 is for <br />reimbursement of general administrative charges which are typically built into the bond <br />issue budget to determine the total amount required to be bonded. After the transfers are <br />completed the construction fund will have a balance remaining of $136,993.12 which <br />should be transferred to the 1992 debt fund. The amount of residual funds on hand at this <br />time is larger than would be e.Kpected, but is due to several factors, including construction <br />cost of the sewer lines being $35,300 under budget; ea.scrnent co.sts being under budget <br />$18,700; and legal costs, related to savings associated with easements and assessment <br />appeals, being under budget $18,100. In addition tiie majority of the costs were paid <br />before January 1, 1994, so the balance has been invested since and has earned <br />appro.ximately $35,000 in interest <br />COUNCIL ACTION REQUESTED: <br />Adoption of Resolution #____»_A Resolution to Close the 1992 Stubbs Bay Sewer <br />Construction Fund to the 1992 Improvement Bond Debt Service Fimd, <br />PROPOSED MOTION: - Moved by,____, seconded by,____, Ayes___, Nays <br />to adopt Resolution ^___. A Resolution to Close the 1992 Stubbs Bay Sewer <br />Construction Fund to the 1992 Improvement Bond Debt Serv'ice Fund as of December <br />31, 1996. <br />I <br />• f