Item Coversheet

*4.A.2.


Shakopee City Council
March 19, 2019


FROM:Darin Nelson, Finance Director
TO:Mayor and Council Members
Subject:
Closing of the 2008A Debt Service fund and the Community Center and Ice Arena Capital Project fund
Policy/Action Requested:

Approve Resolution No. R2019-009 closing the 2008A Improvement Bonds (3042) Debt Service Fund and the Community Center and Ice Arena (4073) Capital Project fund into the 2016A Tax Abatement Debt Service fund.

Recommendation:
Close the 2008A Improvement Bonds Debt Service Fund and the Community Center and Ice Arena Capital Project fund into the 2016A Tax Abatement Debt Service fund.
Discussion:

On February 1, 2019, the final bond payment on the 2008A Bond was made. The remaining dollars in the 2008A Improvement Bonds Debt Service Fund should be transferred to the 2016A Tax Abatements Bonds Debt Service fund for future debt payments. The fund has approximately $13,000 remaining in fund balance.

 

The Community Center and Ice Arena project including all remaining open items were completed in February and the remaining dollars in the fund should be transferred to the 2016A Tax Abatements Bonds Debt Service fund for future debt payments. This fund has approximately $1,300 remaining in fund balance.

Budget Impact:
None
ATTACHMENTS:
Description
Resolution No. R2019-009