HomeMy WebLinkAbout20090504 - VI-15
MEMO
TO: Honorable Mayor and City Council Members
FROM: Charlene A. Stark, Finance Director
RE: Fund Transfer and Closing of Funds
DATE: April 16, 2009
Two G.O. Debt Obligations have been paid off with the Feb. 2009 final payment. After
the obligation has been met the funds should be closed and any excess cash balances
are transferred to another debt service fund for future payments. I request to close fund
390-2004 Equipment Certificate Fund and Fund 597-1997 GO Improvement Fund.
Two road construction funds have been finalized and any excess cash balances in these
two funds are required to be transferred to the debt service fund that was issued to fund
the project. This is a requirement of the bonds. 2006 and 2007 road constructions funds
are completed and I request to close and transfer the excess cash.
If you should have any questions, please feel free to contact me.
Recommended Council Action
Approve the transfers and closing of the two debt service funds and the two road
construction funds.