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CASE # <br /> <br />DESIGNATION OF LANDFILL SETTLEMENT PROCEEDS <br /> By: Sandrn Ashley Helling, Finance Officer <br /> <br />Background: <br /> <br />At the May 12, 1993 City Council and Staff Work Session, members of Stuff and Council identified the proceeds <br />from the pending landfill settlement as a possible source for funding economic development activity. While next <br />Tuesday is the expected day of setflemenL the settlement numbers are now available. <br /> <br />Principal and interest through May 31, 1993, on activity from 1985 through 1991 <br />Principal and interest through May 31, 1993 on Jan. 92 through April 93 activity <br /> Settlement Total <br /> <br />$164,093 <br /> 211,429 <br />$375,522 <br /> <br />Observations: <br /> <br />If the Council designates all or a portion of these funds for economic development, a transfer of funds to the EDA <br />for this purpose would result in formal F_.DA activity which would then cause an audit of the EDA to occur for this <br />year. If Council instead decides to hold the funds in a City fund designated for that purpose until such time as the <br />EDA is fully active, and this activity occurs after 1993, no additional audit costs would be incurred. <br /> <br />Staff Recommendation: <br /> <br />It is recommended settlement funds on landfill activity from 1985 through 1991 in the amount of $164,093 be <br />designated to a separate City fund established for and entitled Economic Development Activity Fund, and the <br />settlement funds for Jan. 92 tlu'ough April 93 activity be deposited to the City's Expendable Landfill Trust Fund. <br /> <br />Finance Committee Action: <br /> <br />Motion to recommend the Ramsey City Council designate the settlement funds for landf'fll activity from 1985 <br />through 1991 in the amount of $164,093 be deposited into a separate City Fund entitled Economic Development <br />Activity Fund and the settlement funds for Jan. 92 through April 93 activity be deposited to the Citfs Expendable <br />Landfill Trust Fund. <br /> <br />Motion to direct the City's Finance Officer to prepare a resolution confn-ming the Finance Committee's action for <br />the Ramsey City Council consent agenda of June 22, 1993. <br /> <br />Reviewed by: <br /> <br />Finance Officer <br />City Administrator <br /> <br />FC: 06/08/93 <br /> <br /> <br />