02-13-1989 Council Packet - Laserfiche WebLink

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2889.3 TO: Mark E. Bernhardson, City Administrator FROM: Tom Kuehn, Finance Director'T^^^- DATS: February 8, 1989 SUBJECT: Final Interfund Transfers for 1988 C0UI«C!l r. '■ '13 U 3 ri'fv As of December 31, 1988 there are three funds which require year end transfers. The ?IR Fund requires $123,840.80 from the General Fund to temporarily fund part of the street construction costs for County Road 15. This will be permanently refunded in 1989 when we receive Municipal State Aid Construction monies requested from the State of Minnesota. ($200,000) The Golf Course Operating Fund has a deficit of $11,624.86 which is recommended to be funded by the General Fund until such time as the Golf Course Fund has sufficient cash flow to reimburse the General Fund. The reimbursement should be in 1989. A report on the operation will be provided once the operations statement is complete. With all construction related activity completed it is appropriate to close out the 1985 Capital Project Funds. (This final is separate from the 1985 Rond Improvement fund used to pay off the bonds and interest.) To close it out requires the transfer of funds from the General Fund to offset the liabilities of the fund of $81,828.89. An alternate source of funds could be the sewer operating fund. TO: Mayor and City Council FROM: Mark E. Bernhardson, City Administrate^A Forwarded recommending approval PROPOSED MOTION - Moved by _, seconded by _, to approve transfers as follows effective December 31, 1988; from the General Fund to the PIR Fund, $123,840.80 for temporarily funding part of the MSA cost portion of the County Road 15 street improvement; from the General Fund to the Golf Course Operating Fund, $11,624.86 for temporary funding of the golf course cash deficit; fro»'i the General Fund to the 1985 Capital Project Improvement land $81,828.81 to transfer the Improvement fund liability to the General Fund, Ayes __, Nays __.