Memo general fundsr
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MINNESOTA g
DATE: 25 November 2013
TO: Lori Johnson, City Administrator
MEMORANDUM
FROM: Dan Jordet, Administrative Services Director
RE: Use of General Fund Excess Revenue
At the last budget working session it was suggested that the bottom line amount in the General Fund be
allocated to easing a debt related cost. Staff was asked to review the debt service funds and make a
recommendation.
In fund 350, which services the 2003A G.O. Improvement Bonds, the City is close to closing out that
obligation. The outstanding principal will be fully paid as of 1 February 2014 (blue cell). However,
there are outstanding amounts for delinquent assessments and delinquent property taxes that force the
fund into a cash deficit. The attached sheet shows that if the General Fund excess revenues are
transferred to the 2003A bond fund it will reduce this cash shortfall (yellow cell). Assuming that the
delinquent assessments and taxes are paid over the next two years, the fund will still end with a deficit
balance of $ 4,215 (red cell). That amount may be further reduced by additional interest collected on
the delinquent amounts owed. The fund will be monitored on an ongoing basis, as are all funds of the
City.
If this is agreeable, staff will prepare a resolution authorizing transfer of these funds once they have
accumulated during the 2014 fiscal year.
Other Professional Services
Expenditures:
2003A - G.O. Improvement ent Bonds
18%380
188,005
103,088
-- -
Net Operations:
Deka Service Fund 350
(422)
(28,480)
Estimated
(231171)1
401302 45,255
Beginning Gash
.21285
Actual
Actual
Actual
Proposed
Projected
Projected
(28,486)
2011
2012
2013
2014
2015
2010
11
.. -
Ending sash
2,002
25}810)
Property Taxes
1332405
1121659
117,320
I
1001000
51392
51392
Other Operating Income
-
-
-
- 1
-
-
Special Assessments
55,038
48,238
301804
35,000
38,000
30,863
Other Non -Operating Income
-
-
-
- �
-
-
Operating Transfers In
-
341917 I
Revenues:
1897133
160,894
147X4
169,917
1
401392
45,255
Bond Principal
170,000
1781000
180,000
I
190}000 ;
.
-
Bond Interest
101855
14,380
8,065
31088 1
-
-
Other Bond Fees and Charges
Other Professional Services
Expenditures:
180,555
18%380
188,005
103,088
-- -
Net Operations:
(422)
(28,480)
(41,081)
(231171)1
401302 45,255
Beginning Gash
.21285
21002
(25}510)
(66,001)[
(80,802) (40,470)
Net Operations
(422)
(28,486)
(41,081)
40,302 45,255
Changes in Assets/Liabilities ilities
130
874
11
.. -
Ending sash
2,002
25}810)
(66,691)
(
Begining Principal Balance Due:
715,000
545,000
370,000
1
100,000 ;
- -
Ending Principal Balance Due:
5453000
370,000
1003000 i-
Asessments Receivable 1403427 1091883 74 803 303808
Delinquent Taxes 101784 10x784 10}734 5x392