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APPROVE BUDGET AMENDMENT FOR THE <br />PURCHASE OF LARGE, PREVIOUSLY UNBUDGETED CAPITAL ITEMS <br />Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />During the budget worksession on August 3, 1998, Council was presented with the 1999 <br />preliminary budget. It was during this meeting that staff proposed to Council the funding of <br />large, unbudgeted capital items with the reserves from the excess revenue transferred at year- <br />ending 1997, to the Highway 47 Fund. <br /> <br />The Highway 47 Fund was created solely to account for expenses related to the Highway 47 <br />project. At year-end 1997, $731,943 was transferred to this fund to help cover the costs <br />associated with the Highway 47 project. After this transfer was completed, it was determined <br />that the Highway 47 project would be more suitably funded fi.om such revenue sources as the <br />MSA Funds and TIF Funds, as these funds are more restrictive of their use. <br /> <br />If the budget amendment for the Senior Housing Land purchase is approved at tonights meeting, <br />authorizing the transfer of $125,000 fi.om the Highway 47 Fund, $392,055 of the excess revenue <br />transfer remains. A breakdown of the excess revenue is as such: $731,943 original transfer to <br />Highway 47 Fund; $90,070 transferred out for mid-year budget amendments; $124,818 will <br />remain to help fund the Highway 47 project, and $125,000 will be transferred to fund the <br />purchase of the Senior Housing land. <br /> <br />Staff is recommending that the remaining $392,055 be transferred to fund unbudgeted capital <br />items. A listing of these items and costs are: <br /> <br />Computer Upgrade (for year 2000 compatibility) hardware & software - $100,000 <br /> <br />Depreciation on hardware & software <br />Anoka County Police Records Software <br />Depreciation on Police Software <br />Chassis Water Truck <br />1-Ton Truck <br />Grader (net of trade-in of $12,500) <br />Depreciation on trucks and grader <br /> <br /> 20,000 <br /> 40,000 <br /> 4,000 <br />40,000 <br />40,000 <br />132,500 <br />15,555 <br /> <br />Total Capital Expenditures <br /> <br />$392,055 <br /> <br />Staff Recommendation: <br /> <br />Staff recommends that $392,055 be transferred fi.om the Highway 47 Fund to offset the costs of <br />unbudgeted capital items. <br /> <br />Based on the above, staff recommends Committee approval of this budget transfer. <br /> <br /> <br />