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<br />5 Minutes CASE tIS: <br /> <br />1987 BUOOET ADJUSI'MENI'S <br />By: Noel Gracyzk, Finance Officer <br /> <br />Background: <br /> <br />Each year as a part of the audit, several adjustments to the operating budget <br />fran the prior year need to be acted on by a resolution to amend the final <br />budget rep:>rted in the Comprehensive Annual Financial Rep:>rt. This resolution <br />also establishes budget amounts for s:[:ecial revenue fund activity that was not <br />anticipated at the time the budget was originally adopted. The draft of this <br />resolution will not be completed until reviewed with the City Auditor but will <br />be available at the meeting. <br /> <br />As of December 31, 1987, Fund 424, the "Tax Increment Developnent District #2 <br />Construction Fund" has a deficit cash balance of $3,300. This fund was used to <br />account for the Rum River Plaza tax increnent project. The deficit resulted <br />fran bond sale proceed interest earnings being less then projected. Also the <br />engineering costs were not bonded for. Even though constuction expenditures <br />were less than projected, this favorable variance is not sufficient to cover <br />the unfavorable variances. It is anticipated that there will be sufficient tax <br />incranent generated in Developnent District #2 to cover the deficit. To fund <br />the deficit until the incranent is received the City Council should authorize a <br />loan in the form of a "Due From, Due To" between the General Fund and the <br />Construction Fund. <br /> <br />Enclosed for your information is the draft of this resolution. <br /> <br />As a part of the prepartion of. the 1987 Comprehensive Annual Financial Report, <br />several transfers between funds that are needed are identified. /my required <br />transfer not already authorized by Council will need to be approved by <br />resolution. The draft of this resolution will not be completed until reviewed <br />with the City Auditor but will be available at the meeting. <br /> <br />Recommendation: <br /> <br />Council action: <br /> <br />Motion to: <br />Adopt Resolution #88-_ to amend the 1987 ~rating Budget. <br /> <br />-and- <br /> <br />Motion to: <br />Adopt Resolution #88- _ to establish "Due Fran, Due To" between General <br />Fund and Tax Increnent Developnent District #2 Construction Fund. <br /> <br />-and- <br /> <br />!-btion to: <br />Adopt Resolution #88-_ to approve 1987 transfers. <br /> <br />Peview Checklist: <br /> <br />Administrator ~ <br />Attorney ~ <br />Engineer ~ <br />Community Developnent Director ~ <br /> <br />Chief of Pol ice <br />Finance Officer <br />Public Works Superintendent <br />othe r <br /> <br />.lL <br />--X- <br /> <br /> <br />~ <br />