City Council Meeting Date: June 5, 2018
To: Mayor and City Council
City Administrator
From: Brenda Angelstad, Finance Director
Title
Resolution 2018-064 - Close the 2015 and 2016 Capital Projects Funds, Transit Fund, Community Resource Center and 1992 TIF Bond Funds and Authorize Interfund Transfers
Body
Action Requested:
The Northfield City Council approves the attached resolution related to fund closures and authorizes Interfund transfers.
Summary Report:
In conjunction with the 2017 year-end audit, the Finance Department would like to "clean up" the books consistent with generally accepted accounting principles, and the start of that is to request council approval to close five funds. This is a common practice to complete closure of project funds during the audit preparation work and to date the effective date at the prior year end so that it may be included in the final year end audit work. The following is the detailed summary for the proposed action related to each fund:
2015 Capital Projects Fund #416
This fund was used for 2015 street projects. There is a positive balance of $165,379 in the fund that were not needed to complete the related improvements. After reviewing bond documents, this amount must be transferred to the 2015A GO Improvement Bond fund #316 upon closing the fund, which is affiliated with the project. The extra funds will be used for future debt payments. This is a standard practice for closure of capital project funds.
2016 Capital Projects Fund #417
This is the street project fund for 2016. There is a positive balance of $209,753 in this fund that were not needed to complete the related improvements. After reviewing bond documents, this amount must be transferred to the 2016C GO Improvement Bond Fund #317 upon closing of the fund, which is affiliated with the project. The extra funds will be used for future debt payments. This is a standard practice for closure of capital project funds.
Community Resource Center ...
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