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City of AGENDA ITEM #3.10 <br /> Pe not <br /> Cafes— <br /> REPORT TO <br /> CITY COUNCIL <br /> Report Prepared by: Nancy Malecha <br /> Date: January 6, 2015 <br /> Subject: Transfer from General Fund <br /> Report: The 2014 General Fund, Roads and Streets Budget includes <br /> a debt service expenditure amount of$41,000 for the snowplow truck <br /> purchased in 2014. Also, the General Fund includes the 2014 levy <br /> settlement revenue relating to this debt service. When the G. O. <br /> Equipment Certificates, Series 2014A debt issuance for this truck <br /> purchase was approved by the City Council, a new fund (G. O. <br /> Equipment Certificate 2014A Fund) was created to comply with the <br /> issuance resolution. All revenue and expenditure transactions relating <br /> to this Equipment Certificate should occur within this newly created <br /> fund. Therefore, $43,916.25 must be transferred from the General <br /> Fund to the G. O. Equipment Certificate 2014A Fund. This amount is <br /> at least 5% in excess of the amount needed to meet when due the <br /> principal and interest payments on the Certificate. This will be a one- <br /> time transfer which is needed because the 2014 Budgets were finalized <br /> prior to the issuance of this Equipment Certificate debt. <br /> Council Action Requested: Council motion authorizing a transfer of <br /> $43,916.25 from the General Fund to the G.O. Equipment Certificate <br /> 2014A Fund for the revenue and expenditure debt obligations as set <br /> forth in the City Council Resolution 14-05. <br />