HomeMy WebLinkAbout4 Funds Transfers AGENDA #
Memorandum
To: Board of Directors
From: Mary Chapman, Administrative Services Manager
Date: March 19, 2004
Subject: Consideration of authorizing a transfer of funds from the Martiswoods Estates
and Ponderosa Ranchos Prepaid Connection Fees restricted fund to the
District's water department general fund
1. Why this item is before the Board:
Staff needs to transfer funds out of the Martiswoods Estates and Ponderosa
Ranchos restricted fund; only the Board can authorize this transfer.
2. History:
At the end of each year, we present to the Board a request to reimburse the
water general fund for water connections made in the Martiswoods Estates and
Ponderosa Ranchos subdivisions during the year. When the properties were
developed, the developers were charged connection fees in advance. These
fees have been invested and are listed on the Investment Report each month.
3. New Information:
During 2003, the Water Department staff installed two water services in the
Martiswoods and Ponderosa Ranchos subdivisions. The following is a request to
transfer this amount from the restricted fund and reimburse the water department
general fund. After the transfer, the fund will have a balance of
2003 - 2 Services @ $990.00 = $1,980.00
4. Recommendation:
To authorize staff to transfer , r,n from the Prepaid Connection Fees
restricted fund to the water department general fund to reimburse the fund for the
installation of tt.:, water services one in Martiswoods Estates and one in
Ponderosa Ranchos during 2003.