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New Prague council approves five fund closures and transfers; several project funds adjusted
Summary
Finance staff outlined five fund closures and transfers (funds 227, 395, 418, 421, 472) including transfers to the general fund and general projects; council approved each resolution individually by 4-0 votes.
City finance staff reported year-end audit work and proposed closing five project and debt-related funds and transferring their balances. Robin (finance) presented the amounts and proposed destinations; council approved each resolution individually by voice vote.
The transfers outlined in staff’s memo were:
• Fund 227 (rental account tied to a leased building): surplus $47,217.52 transferred to the general fund (Fund 101).
• Fund 395 (2009 street reconstruction debt-service fund): surplus $17,003.62 transferred to the general projects fund (Fund 499).
• Fund 418 (Main Street capital improvement project fund): negative balance of $236,008.78 transferred to the general projects fund; staff explained the negative balance resulted from change orders and quantity adjustments during the project and that some debt remains outstanding.
• Fund 421 (Main Street reconstruction project): surplus $347,002.10 proposed to offset corresponding debt-service fund 321.
• Fund 472 (11th Avenue project): surplus $164,305.89 transferred to the general projects fund (Fund 499).
Council discussed the Main Street project overages and change orders from a multi-year reconstruction; staff noted prior council minutes and change-order approvals exist for review. Motions to approve each transfer were made and seconded and each passed 4-0.
