HomeMy WebLinkAbout9E - Reallocating Expenditures
AGeNDAtTEM:
CITY COUNCil AGENDA REPORT
December .18, .2000
SE .
Frank Boyles, city Manager . ()IJ ,. J 31
CONSIDER APPROVAL OF A RESOlUTIO/ALlOCATING EXPENDITURES.
Hlstf;Ny: In 1997, a $1.8 miHionborid referendum was approved to complete
significant park improvements in the City. At this point each of. the projects. is
under contractand completed or very nearly complete. On a monthly basis the
staff has shared a financial spread sheet on the status of each. project. The
purpose of this agenda item is to allocate the remaining funds which are excess
to the referendum approved projects.
Current Circumstances: The total referendum project budget was $8,727,.000.
Of that amollOt everything has been expended e><cept $457,127, which for the
most part has been contracted but is not yet disbursed. To maximize referendum
dollars to complete all projects, funds were transferred from other accounts
(Trunk Reserve and Storm Water Trunk Fund). Since the projects are more or
less complete, and there remains a $380,000 balance in the referendum aecount
(plus final earned interest distribution which must occur. at year-end), ltis
appropriate to. reimburse the non-referendUm related fund accounts.
ConclU$/()ft: My recommendations are as follows:
1. Resolution 99-33 transferred $69,000 from the TrunkFuneJ for sewer and
water work associa1eq with referendum projects. This amount should be
transfelTed back to the Trunk Fund.
2. Resolution 99--93 tran$ferred $25,000 from the Storm Sewer Trunk Fund to
this project. This amount shoUld. be transferred back to the Storm Water
Trunk Fund.
3. TranSfer the remaining funds ($286,000) to the Capital Park Fund to sUpport
future park related projects.
ISSUES: The effect of the prOpOsed action simply reimburses City accounts for funds they
. donated. to the referendum projects at a.time when we were not sure whethertt:le
referendum. funds would be sufficient to accomplish the major referendum
projects. It also places the vast majority of the fUnd$inthe Capital Park Fund to
assure th~y' are used for park. related purposes. The appropriate time for
allocating'such funds in the future is during .the Capital Improvement Program
update in May 2001.
DISCUSSION:
ALTERNATIVES: (1) Approve the attached resolution wIlich accomplishes the. transfers outlined
abOVe.
(2) Approve the resolution with modifications.
(3)Take no actiOn.
~eNDED
MOnON: Altemative(1).
16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 I Fax (612) 447~4245
I:\COlJNClL\AGNRPTS\2000\1218_9E.DOC AN EQUAL OPPORTUNITY EMPLOYER
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RESOLUTION OO-XX
A RESOLUTION AUTHORIZING THE TRANSFER OF
REFERENDUM FUNDS AND AMENDING RESOLUTIONS
Motion By:
Second By:
WHEREAS, in 1996, a Park and Library Referendum bond was approved in the amount of $7.8 million;
and
WHEREAS, the Parks and Library projects for which the bond proceeds are dedicated are substantially
complete; and
WHEREAS, a balance remains in the account of approximately $380,000; and
Whereas, the referendum fund was supplemented by a transfer of $25,000 from the Storm Water
Trunk Fund by Resolution 99-93 and a $69,000 transfer from the Trunk Reserve Fund by
Resolution 99-33; and
Whereas, the City Council desires to reimburse these funds from the balance of the referendum
fund; and
Whereas, the City Council desires to transfer all remaining funds in the referendum fund to the
Capital Park Fund.
Now THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA that:
1. Resolution 99-33 is hereby amended and $69,000 is to be reimbursed to the Trunk Reserve
Fund from the Referendum Fund.
2. Resolution 99-93 is hereby amended and $25,000 is to be reimbursed to the Storm Water
Trunk Fund from the Referendum Fund.
3. All remaining funds in the Referendum Fund ($286,000:1:) are hereby transferred to the Capital
Park Fund.
PASSED AND ADOPTED THIS 18TH DAY OF DECEMBER, 2000.
Mader Mader
Ericson Ericson
Gundlach Gundlach
Petersen Petersen
Zieska Zieska
YES
NO
City Manager, City of Prior Lake
16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
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