HomeMy WebLinkAbout4 Martiswoods Ponderosa Ranchos AGENDA # q
Staff Report
To: Board of Directors
From: Mary Chapman,Administrative Services Manager
Date: March 2,2005
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 2004, the Water Department staff installed two water services in the
Martiswoods subdivision. 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$72,864.68.
2004 -2 Services @ $1,040.00 = $2,080.00
4. Recommendation:
To authorize staff to transfer $2,080,00 from the Prepaid Connection Fees
restricted fund to the water department general fund to reimburse the fund for the
installation of two water services one in Martiswoods Estates during 2004.