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REQUEST FOR COUNCIL ACTION <br />Date: November 9, 2015 Item No. 14 <br />Department Approval: Administrator Approval: Agenda Section: <br />Name: Ron Olson JML City Administrators Report <br />Title: Finance Director <br />Item Description: 2015 Inter-fund Transfers <br />Attachment: Schedule of 2015 Inter-fund Transfers and Loan Payments <br />Each year the Council is requested to authorize transfer of monies between funds. These transactions <br />fall into the following categories: <br />1.Budgeted Transfers – Items designated in that year’s budget when originally adopted for the <br />purpose of providing support from one fund to another. <br />2. Fund Obligations – <br />a.Payments from one fund to another to reimburse expenses incurred by one fund on behalf <br />of another. This is generally for City portions of special assessments, or for equipment <br />capital outlay. <br />b. Loan payments from one fund to another. Loans are generally made to construction funds <br />for the purpose of payment of expenses incurred prior to the sale of bonds and the levying <br />of special assessments. In addition certain loans are necessary to fund major undertakings <br />when the fund incurring the expense does not have adequate cash flow available to <br />complete the project. <br />COUNCIL ACTION REQUESTED: <br />Consider a motion to approve the transfers and loan payments as indicated on the attached schedule.