HomeMy WebLinkAbout20070220 - VI-04MEMO
VI-4
TO: Honorable Mayor and City Council members
FROM: Charlene A. Stark, Finance Director
RE: 06-07 Budget Adjustments & Transfer
DATE: February 8, 2007
Per the 2006 Improvement Projects Funding Summary prepared by Thomas
Montgomery, Public Works Director a transfer of $1,400,000 is requested to cover the
deficiency at year end in the 2006 construction projects capital fund. Typically we wait
until the assessments are calculated before any transfers are made, but because these
projects are being funded largely by cash in the water and sewer funds and the projects
are well underway towards completion the timing is causing the capital project fund to be
drastically under funded at this time. Because of the December 31St reporting of the
City's financial it would be best to transfer a portion of the $2,130,551.65 at this time
rather then waiting until the fall of 2007.
A roll over request is being made for the Fire department for a computer server that was
missed on the request made at the February 5"' meeting for all the other departments.
The server was in the 2006 budget but has not been purchased as of yet. It is the I.T.
department's intention to do so in 2007. $7,100.00.
A list of the 2007 budgeted transfers is attached. Request approval to make the 2007
budgeted transfers to fund projects throughout the 2007 fiscal year.
Council Action Requested
Authorize the above 2006 budget rollover and 2006-2007 transfer of funds.
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