HomeMy WebLinkAbout20-041 Approving Fund Transfers as Part of the 2019 Year-End Closing Process
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 20-041
ADOPT A RESOLUTION APPROVING AMENDMENT TO THE 2020 BUDGETS
Motion By: Thompson Second By: Braid
WHEREAS, During the process of closing the financial records for 2019, transfers may be
necessary to account for project balances in the construction fund that can be
transferred to a debt service fund or another project in accordance with the
applicable bond resolution. Transfers may also be necessary to close debt
service funds after final debt service payment has been made.
WHEREAS, Excess Project Funds: Several street reconstruction/improvement projects have
bond proceeds in excess of project costs. The applicable bond resolution
indicates that, if upon completion of the street project there shall remain any
unexpended balance in the Construction Fund, the balance may be transferred
by the Council to the Debt Service Fund or to another project, as defined in the
specific bond resolution.
WHEREAS, Final Utility Fund Transfers: Street project preliminary utility fund transfers are
done based on the feasibility study. The final transfers are completed at the
end of the project and brought to the Council for approval. This is the case for
the final transfers for the 2018 street reconstruction project.
WHEREAS, Close Debt Service Fund 556: The final debt service payment was made in
December 2019 for F556 (Debt Service Fund for 2009 Street Project Bond
Issue). The debt service fund can now be closed. Staff is recommending that
that these balances be transferred to Fund 563 which is the debt service fund
that was established to pay the G.O. Bonds, Series 2015A and matures on
12/15/2031
WHEREAS, Transfers of excess funds to debt service funds help keep the debt service
component of the City’s tax levy flat. Transfer of excess funds within the
construction fund will minimize future tax levy impact.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The transfer of funds is hereby authorized to as outlined in the tables below and is effective
as of December 31, 2019.
M:\City Clerk\CITY COUNCIL\Resolutions\2020\20-41 Approving Fund Transfers as Part of the 2019 Year-End Closing Process.docx
2
Project Transfers:
Final Utility Fund Allocations:
Project
Transfer
From Fund Amount Transfer To Fund
2019 Fish Pt Rd
Reclamation
Project (TRN19-
000003)
F501 -
Construction
Fund 79,934.56
F572 - 2019A Debt
Service Fund
2018 County
Wide Flashing
Yellow Arrow
Project (TRN18-
000002)
F501 -
Construction
Fund 38,055.81
F501 - Construction
Fund 2019 County Rd
21/TH13 Street Project
(TRN19-000001)
2017 Frankin
Trail/Huron Area
Streets Project
(TRN17-000003)
F501 -
Construction
Fund 23,213.68
F568 - 2017A Debt
Service Fund
2017 Frankin
Trail/Huron Area
Streets Project
(TRN17-000005)
F501 -
Construction
Fund 78,773.94
F568 - 2017A Debt
Service Fund
2015 Credit River
Rd Street Project
(TRN15-000006)
F501 -
Construction
Fund 10,000.00
F563 - 2015A Debt
Service Fund
2014
Mushtown/Maple/
Panama Street
Project
(TRN14-000001)
F501 -
Construction
Fund 8,595.26
F563 - 2014A Debt
Service Fund
Project
Transfer
From Fund Amount Transfer To Fund
2018 Street
Reconstruction
Project (TRN18-
000001)
F501 -
Construction
Fund 87,968.14 F601 - Water Fund
2018 Street
Reconstruction
Project (TRN18-
000001)
F501 -
Construction
Fund 215,331.56 F604 - Sewer Fund
2018 Street
Reconstruction
Project (TRN18-
000001)
F501 -
Construction
Fund 142,809.33
F602 - Water Quality
Fund
M:\City Clerk\CITY COUNCIL\Resolutions\2020\20-41 Approving Fund Transfers as Part of the 2019 Year-End Closing Process.docx
3
Close Debt Service Fund:
Passed and adopted by the Prior Lake City Council this 16th day of March 2020.
VOTE Briggs Thompson Burkart Braid Erickson
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
______________________________
Jason Wedel, City Manager
Transfer From
Fund
Transfer To
Fund Description
F556 - Debt
Service Fund for
2009 Street
Project Bonding
F563 - Debt
Service Fund
for 2015 Street
Project Bonding
Transfer cash of
$19,367.51 and all residual
balances/Assist in fund
stability