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5 Minutes <br /> <br />CASE 915: <br /> <br /> 198'7 BUDGET ADJU~S <br />t~: Noel Gracyzk, Finance Officer <br /> <br />Background. <br /> <br />Each year as ~ }.:eit of t~he audit, .several adjustments to the operating budget <br />from the prior y~ar need to be acted on by a resolution to amend the final <br />budget repor'.L'e6 i~ the Comprehensive Annual Financial Report. This resolution <br />also establishes budget amounts for special revenue fund activity that was not <br />anticipated ,it t]~e time the budget was originally adopted. The draft of this <br />resolution w'i_i] n,-~ be completed until reviewed with the City Auditor but will <br />be available at i!~(~ meeting° <br /> <br />As of Decemi~3r 31~ 198g, Fund 424, the "Tax Increment Development District #2 <br />Construction Pund" has a deficit cash balance of $3,300. This fund was used to <br />account for the ,~'~ River Plaza ~x increment project. The deficit resulted <br />from bond .sa~.a p~xeed interest earnings being less then projected. Also the <br />engineerin~ cost~ were not bonded for. Even though constuction expenditures <br />were less ~har~ projected, this favorable variance is not sufficient to cover <br />the unfavorable ,~a,~ lances. It is anticipated that there will be sufficient tax <br />increment generau~i<~ in Develo~ument District #2 to cover the deficit. To fund <br />the deficit t~ ~i i. ihe increment is received the City Council should authorize a <br />loan in the .{k,]m o~ a "Due From, Due To" between the General Fund and the <br />Construction }~tu,2 ~ <br /> <br />Enclosed for F(u~ .irformation is the draft of this resolution. <br /> <br />;£ a part of ~he p:<e~nartion of the 1987 Comprehensive Annual Financial Report, <br />several tran~vl~;,"s }etween fronds that are needed are identified. Any required <br />transfer not ,~.lready authorized by Council will need to be approved by <br />resolution, g~e d:~aft of this resolution will not be completed until reviewed <br />with the Ci.t~, Au~,i~ or but will be available at the meeting. <br /> <br />Beconmendatioi.,: <br /> <br />Motion uo: <br />AdoPt. ~..~:,~: ~ .......on ¢.88-__ <br /> <br />to amend the 1987 .Cperating Budget. <br /> <br />-and- <br /> <br />Ado~ ?,er.of! u;. on 788-__. Zo est:ab!ish "Due From,, Pue To" be~,een General <br />.~',~,~ a~nd ..... . ,~ .,~ i ncr.:k~,enz Leve!czm. ent_ Distri~ ~2 Con--ruction ,~and. <br /> <br />A~zcrne!-' 22_. Finance Officer <br />L-..c:~==~ ~' ~'.'~' ic WO~'= Sunerin~enden~ <br /> <br /> <br />