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DEMO
TO: Honorable Mayor and City Council members
FROM: Charlene A. Stark, Finance Director
RE: Closing Funds and Transfers
DATE: September 9, 2008
Per the debt service documents aIl remaining funds in a capital account shall be
transferred to the debt service to pay off the corresponding debt that was issued.
All construction contracts have been closed out and the remaining excess funds in
(495) are requested to be transferred to the debt service fund (525). The remaining
funds to date are X424,9:17.40, Fund (495} will be closed.
Equipment certificates of 2002 are. paid in full and the ren:iaining funds in the debt
service funds are typically transferred to a pooled debt fund that is used to help
offset other debt seiviee payments or used to pay down debt early. Fund 380 has
remaining funds of X91,882.65. Request to transfer to fund 500-the pooled debt
fund. Fund (380) will be closed.
Per the 2008 budget debt service transfer of X75,277 is requested out of Fund (500)
.and into fund (392)-2007. equipment cer~tifieates and $300,000 out of Fund (500)
and into Fund (301) City .Hall debt service fund.
Council Action Requested:
Approve the above transfers and fiand closing.
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