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Home My Public Portal AboutRES 09/05RESOLUTION NO. 009 -5 A RESOLUTION OF THE TOWN COMMISSION OF THE TOWN OF GULF STREAM, PALM BEACH COUNTY, FLORIDA, AUTHORIZING THE FORGIVENESS OF A LOAN FROM THE TOWN'S GENERAL FUND TO THE TOWN'S ENTERPRISE (WATER) FUND IN THE AMOUNT OF $1,268,567.23, AS OF JULY 14, 2009: PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, on January 12, 2007 the Town Commission authorized a loan to be made from the Town's General Fund to the Town's Enterprise (Water) Fund in the amount of $1,491,780.00, in order that the Enterprise (Water) Fund could move forward with a capital improvement relating to the replacement of approximately 6000 feet of 12" water main and; WHEREAS, it was the understanding that the Enterprise (Water) Fund would pay back to the General Fund the amount of the loan; and WHEREAS, it has been determined by the Town Commission that the General Fund should forgive the loan to the Enterprise (Water) Fund; and WHEREAS, for accounting purposes, it is necessary to reflect, by Resolution, the forgiveness of this loan. NOW THEREFORE, BE IT RESOLVED BY THE TOWN COMMISSION OF THE TOWN OF GULF STREAM, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS: Section 1. The balance of the loan from the General Fund to the Enterprise Water Fund in the amount of $1,268,567.23 is hereby forgiven and the debt is satisfied in full. Section 2. The appropriate accounting transfers shall be made in the Town's records to reflect the forgiveness of this debt. Section 3. This Resolution shall take effect retroactively to the date of July 10, 2009, the date the Town Commission agreed to forgive the debt. PASSED AND ADOPTED in a regular session assembled this 14th day of August, 2009. MAYOR ATTEST: c� TOWN CLERK TOWN OF GULF STREAM, FLORIDA VI ! MAYOR / COM ISSIONER COMM SIONER COMMISSIONER Run date: 07/14/2009 @ 13:04 Town of Gulf Stream Select..: A401- XXX.XX- XXX -XX -X -XXX Bps i.ite:' 07 /14/2009 Trial Balance GLTRBAL.L02 Page 1 401 Water Fund Description AS AS AS AS AS AS AS L L FB FB RE EX EX EX EX EX EX EX EX EX EX EX EX EX EX EX EX EX 115.01 -000 Accounts Receivable - Water 155.01 -000 Prepaid Other 155.03 -000 Prepaid Water Meters 164.90 -000 Improvements Other Than Bldg. 165.90 -000 Accum. Deprec. -Imp Other T Bld 166.90 -000 Equipment and Furniture 167.90 -000 Accumulated Depreciation -Equp 207.00 -001 Due to General Fund 220.00 -000 Deposit- Damage Bonds 272.00 -000 Retained Earnings - Unreserved 273.02 -000 R/E Reserved For D/S and R & R 343.31 -000 Water Sales 531.10 -530 GIS /Mapping 531.20 -530 Water Sampling & Testing 534.10 -530 Meter Reading Services 534.20 -530 Field Visit Service 534.40 -530 Meeting and Report Services 534.50 -530 Repair Services 534.60 -530 General Management Fees 534.70 -530 Software Maintenance Contract 543.10 -530 Water Purchased - Commodity Chrg 543.20 -530 Water Purchased - Capacity Chrg 543.30 -530 Water Purchased -Meter Charge 543.90 -530 Electric - Chlorinator 549.97 -530 Payment In Lieu of Taxes 551.01 -530 General Office Supplies 559.00 -530 Depreciation Expense 563.00 -530 Renewal & Replacement Expense 572.00 -530 Interest Expense Total Water Fund Excess Revenue over (under) Expenditures Period to date (18,991.00) Year to date (48,114.72) Period ending 07/31/2009 Debit Credit 6,256.68 1,162.91 3,026.58 2,489,749.57 415,329.00 51,036.18 41,052.00 1,268,567.23 fff 41,000.00 295,482.43 537,915.98 620,399.79 4,346.00 720.00 2,884.00 4,385.00 933.30 139,106.81 48,750.03 850.00 370,780.00 16,829.66 58.85 316.27 14,924.97 1,853.54 9,000.00 29,247.77 23,528.31 3,219,746.43 3,219,746.43 ** Report total ** 3,219,746.43 3,219,746.43 Run datE -: 07/14/2009 @ 13:04 Town of Gulf Stream Select..: A001- XXX.XX- XXX -XX -X -XXX ,Bus date:'07 /14/2009 Trial Balance GLTRBAL.L02 Page 1 001 General Fund Period ending 07/31/2009 Description Debit Credit AS 101.03 -000 Cash - Bank of America CD 254,986.19 AS 101.04 -000 Cash - Sun Trust MMA 254,078.30 AS 101.05 -000 Cash - Wachovia MMA 251,385.20 AS 101.06 -000 Cash - Oper Account 55,431.44 AS 101.07 -000 Cash - P/R Account 5,515.43 AS 101.08 -000 Cash - Pointe CD 38,944.56 AS 101.09 -000 MMA - Mercantile 878,667.52 AS 102.01 -000 Cash - Petty Cash 200.00 AS 115.01 -000 Garbage Collection Receivable 2,206.55 AS 131.00 -401 Due From Water Fund 1,268,567.23 AS 141.00 -000 Inventories 1,159.98 AS 151.01 -000 Investments - SBA 2,628.18 AS 155.02 -000 Prepaid Other 3,750.00 LI 202.00 -000 Accounts Payable 9,971.03 LI 216.01 -000 Accrued Wages Payable 9,832.04 LI 216.03 -000 Accrued Retirement Payable 2,056.86 LI 217.02 -000 FICA Taxes Payable 607.79 LI 218.06 -000 Other Insurance Deductions 4,044.53 LI 223.03 -000 Deferred Revenue - SNR 6,745.50 FB 247.02 -000 Reserve for Dredging 17,820.00 FB 271.01 -000 Fund Balance - Unreserved 2,482,145.74 RE 311.01 -000 Ad Valorem Taxes - Current 2,095,899.59 RE 311.03 -000 Early Payment Discount -AV Tax 74,478.13 RE 312.42 -000 Local Option Fuel Tax R &S 19,873.74 RE 313.10 -000 Franchise Fees - FPL 60,959.95 RE 313.40 -000 Franchise Fees - Gas 5,322.85 RE 315.10 -000 Local Communications Svcs Tax 51,816.36 RE 321.00 -000 Professional /Occupational Lic 21,879.76 RE 322.00 -000 Building Permits 44,945.00 RE 335.12 -000 FL Revenue Sharing 8,588.30 RE 335.15 -000 FL Rev Sharing - Alcoholic Bev 331.12 RE 335.18 -000 Local Government 1 /2c Sales Tx 29,636.22 RE 335.33 -000 Fuel Tax Refund 1,005.52 RE 339.01 -000 Payment in Lieu of Taxes -Water 14,924.97 RE 341.30 -000 Sales of Maps and Publications 310.00 RE 341.40 -000 Certification, Copies, Misc Ot 1,961.32 RE 341.91 -000 Clerk's Charges & Fees 75.00 RE 343.01 -000 Garbage Collection Fee 74,140.00 RE 351.00 -000 Judgements and Fines 2,138.12 RE 361.10 -000 Interest on Investments 33,052.02 RE 361.20 -000 Interest on Tax Collection 956.56 RE 361.30 -000 Interest - Water Fund 23,528.31 RE 366.20 -000 Contributions - Community 18,094.86 RE 369.20 -000 Other Contractual Agreements 15,190.13 EX 511.00 -513 Executive Salaries 85,175.40 EX 512.00 -513 Regular Salaries and Wages 138,903.40 EX 512.00 -521 Regular Salaries - Police Offi 590,463.20 EX 512.00 -541 Regular Salaries and Wages 33,724.60 EX 514.00 -521 Overtime 11,351.43 EX 514.00 -541 Overtime 158.08 EX 515.00 -521 Incentive Pay 6,099.07