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AGENDA ITEM #6 <br /> c��y of <br /> Pequot <br /> Lakes — -_ <br /> REPORT TO CITY COUNCIL <br /> Report Prepared by: Nancy Malecha <br /> Date: August 20, 2019 <br /> Subject: Trailside Park Project Financial Update <br /> Re ort: At the June 4t'' City Council Meeting, I informed the Council of an <br /> outstanding expenditure balance in the amount of$153,662.23 that remains in the <br /> Capital Improvement Fund relating to the Trailside Park Master Plan Project for <br /> 2017-2019. The majority of these expenditures relate to the landscape architect <br /> and engineering services which were utilized for this Project. In an effort to rectify <br /> this outstanding expenditure balance, I am recommending the City do the <br /> following. <br /> • Transfer $41,400 of current taxes revenue from the Highway 371 Fund to <br /> the Capital Improvement Fund as this revenue was budgeted and designated <br /> for the Street and Utility Improvements interfund loan payback and this <br /> Project has since been eliminated. <br /> • Transfer $112,262.23 from the General Fund to the Capital Improvement <br /> Fund as the General Fund has a healthy cash flow designation percentage <br /> and can withstand this transaction. <br /> Council Action Requested: Council motion to transfer $153,662.23 as presented <br /> from the General Fund and Highway 371 Fund to the Capital Improvement Fund to <br /> rectify the outstanding expenditure balance relating to the Trailside Park Master <br /> Plan Project. <br />