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AGENDA ITEM #3.9 <br /> cz�y of <br /> Pequot <br /> Lakes— - <br /> REPORT TO CITY COUNCIL <br /> Report Prepared by: Nancy Malecha <br /> Date: January 2, 2018 <br /> Subiect: Transfer of Funds <br /> Report: At the December 5�'City Council Meeting, the Council approved a <br /> resolution to decertify TIF District 1-9 Wild Daisy. As part of the decertification <br /> process, a determination is made regarding how any existing fund balance within <br /> this TIF District will be utilized. Factors in determining this include allowable <br /> administrative expenses eligible to be incurred, amount of 2017 administrative <br /> expenses, and fund balance remaining as of 12-31-17. Through the end of 2017, <br /> this TIF District generated an administrative expense allowance of$9,508 and <br /> administrative expenses incurred totaled $10,810. The difference of$1,302 needs <br /> to be repaid to this TIF District using general fund dollars. On the advice of our <br /> financial consultants, I am requesting a transfer of funds in the amount of$1,302 <br /> from the General Fund to the TIF District 1-9 Fund. Please note that the City will <br /> receive approximately $1,700 in general use dollars from the County in the form of <br /> excess TIF for this District which will more than repay this transfer. <br /> Council Action Requested: Council motion approving the transfer of funds in the <br /> amount of$1,302 from the General Fund to the TIF District 1-9 Fund due to the <br /> overage of administrative expenses incurred. <br />