Consent 1.M.
Regular City Council Meeting
- Meeting Date:
- 06/23/2014
- TITLE
- Resolution to Close Special Improvement/Sidewalk Bond Debt Funds to the SID Revolving Fund
- PRESENTED BY:
- Patrick M. Weber Finance Director
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
State law requires closing SID/Sidewalk debt service funds once the debt has been satisfied. Any excess/deficit cash balances upon completion of the bond obligations are transferred to the SID Revolving Fund. Sidewalk pooled issues in funds 8640, 8650, 8660, and 8670 will be closed. SID #s 1337 and 1342 will be closed in fund 8200.
ALTERNATIVES ANALYZED
There are no viable alternatives to approving the resolution since State law requires this action.
FINANCIAL IMPACT
The revolving fund will receive cash of $152,317 for the SIDs and the pooled Sidewalks with positive cash. The revolving fund will give cash of $22,818 to the pooled sidewalk issue with negative cash. The cash balance in the SID Revolving Fund is about $3,300,000.
RECOMMENDATION
Staff recommends Council approve the Resolution authorizing the closure of Special Improvement District Funds to the SID Revolving Fund.