HomeMy WebLinkAbout7 General and Restricted Funds Agenda Item # 7
Public Utility District
CONSENT
To: Board of Directors
From: Bob Mescher
Date: February 03, 2010
Subject: Authorize Annual Transfers From Designated and Restricted Funds
to the General Funds
1. WHY THIS MATTER IS BEFORE THE BOARD
Only the Board can authorize transfers from designated and restricted funds.
2. HISTORY
In the approved FY09 Budget, there are two projects to be funded from Board
Designated Funds. The first relates to the District headquarters' covered parking
structure to be funded from the Water Capital Reserve (formerly the Land Sales Trust
Fund). The second relates to the water meter study and installation to be funded from
the Water Meter Reserve.
There are also water service upgrades in FY08 in the Meadow Park area that qualify
to be paid from the restricted Sanitation Assessment District II (SAD II) funds. The
general fund has not yet been reimbursed from the SAD II funds for those costs.
3. NEW INFORMATION
The covered parking expenditures totaled $225,904.00 in FY09.
The water meter study and installation project expenditures totaled $2,025,900.01 in
FY09.
The total unreimbursed Meadow Park service upgrade expenditures that qualify for
the SAD II funds are $14,084.83.
4. FISCAL IMPACT
These transfers will reimburse monies from the Board designated funds and restricted
funds to the Water General Fund.
5. RECOMMENDATION
Review this report and authorize the following transfers:
1) Transfer $225,904.00 from the Capital Reserve Fund to the Water General
Fund for the covered parking structure expenditures.
2) Transfer $2,025,900.01 from the Water Meter Reserve Fund to the Water
General Fund for the water meter study and installation project.
3) Transfer $14,084.83 from the SAD II Fund to the Water General Fund for the
2008 Meadow Park service upgrades.
r
Mary ChapQan Michael D. Holley
Administrative Services Manager General Manager