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10% in the Equipment Revolving Fund ($81,327.03) 40% in the Facilities Construction Fund ($325,308.10) and 50% in the Public Improving Revolving Fund (406,635.13). However, in examining the year-end fund balances for these funds, they are all showing very positive ending balances before the year-end transfer. Ms. Lund noted that the City has to finance portions of the T.H. #47 project and also the C.R. #116 project. A major percentage pertaining to these costs could be offset by the revenue from the year-end General Fund Revenue transfer. By allocating these funds to the two projects, it would lessen the draw on other funding sources such as MSA and utility trunk funds. It is still being recommended that tax increments will be utilized as much as is feasible. Staff is recommending that the entire amount be transferred to the two projects. The percentage allocated to each project would be 90% ($731,943.23) for the State Highway #47 project and 10% ($81,327.03) for the C.R. #116 project. Ms. Lund suggested that if there is any excess revenue remaining after the initial land purchase for C.R. #116, it could be transferred to the T.H. #47 project at year end 1998. City Administrator Norman reported that the current estimates are $49,000 for three parcels (#116). That is being negotiated now and we anticipate remaining funds at year end. Motion by Mayor Gamec and seconded by Councilmember Beyer to recommend Council adopt the resolution authorize the transfer of the General Excess Revenues to the State Highway #47 and County Road #116 projects at the 90% and 10% amounts, respectively. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Beyer, Beahen and Zimmerman. Voting No: None. Absent: CouncilmemberHaas Steffen. ADJOURNMENT The Finance Committee adjourned at 6:27 p.m. Respect fully~submitted,// , Diana Lund Acting Finance Officer Finance Committee/April 14, 1998 Page 2 of 2