HomeMy WebLinkAbout20090202 - VI-03
MEMO
TO: Honorable Mayor and City Council members
FROM: Charlene A. Stark, Finance Director
RE: Transfer
DATE: January 28, 2009
Back Ground
The 2009 construction project is the industrial park area. This project was a part of
the 2006 construction year but was delayed. At the end of 2008 the fund that is set
up for the accounting of 2009’s projects has a negative cash balance. This is
largely due to the work that was done in 2006. For reporting purposes I can’t
report a negative cash balance in a fund and thus I need to transfer some funds to
get the cash back to a positive balance. This project is including a trail
construction. The parks capital fund has some cash on hand that has been
designated to fund this trail project within this road construction project. I propose
to transfer the parks cash into this capital project in advance. In the past this
transfer would take place after the project is complete.
I will also need to set up an inter fund receivable between the water fund and the
capital projects fund. These two actions will get the cash back up to a positive
balance. The inter fund receivable would be reversed on January 1, 2009. This
receivable is only set up to report the cash in a positive balance.
Council Action Requested:
Approve the above transfer of $120,000 and an inter fund receivable of $10,000 for
Dec. 31, 2008.
City of Hastings
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101 Fourth Street EastHastings, MN 55033-1955p:651-480-2350f:651-437-4082www.ci.hastings.mn.us