HomeMy Public PortalAbout2023-075 Resolution Approving Additional FY23 Fund TransfersRESOLUTION 2023-075
Resolution Approving Additional FY23 Fund Transfers
WHEREAS, on July 11, 2023, in Resolution 2023-052 Resolution Approving FY23 Fund Transfers, Council
approved transfers between several funds; and,
WHEREAS, subsequent to those transfers, the Clerk worked with gWorks to correct other errors in the
City's accounting software, including the funds to which property taxes were deposited, and those
corrections necessitate additional fund transfers; and,
WHEREAS, the Clerk's recommended transfers are outlined in the attached document, which is made
part of this Resolution.
NOW THEREFORE BE IT RESOLVED that:
Section 1. City Council approves the attached fund transfers recommended by the Clerk.
Section 2. The Clerk is directed to make the above noted fund transfers retroactive to June 30, 2023.
Passed and approved this 22nd day of August 2023.
APPROVED:
Anthony Heddlesten, Mayor
ATTEST:
Kelly Krell CIrk
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 (563) 355-2511 I www.riverdaleia.org
RECOMMENDED FUND TRANSFERS
Transfer cash from the 301 Capital Improvement Project fund into the 302 Road Replacement fund and 303 Fire
Equipment/Replacement fund, as authorized by Public Measure B:
Public Measure B:
"Shall the City Council of the City of Riverdale, Iowa, establish a Capital Improvements Reserve Fund and levy taxes at a rate
not to exceed sixty-seven and one half cents per thousand dollars of taxable value each year, for a period not to exceed
twenty years, commencing with the levy for the fiscal year 2010, payable in fiscal years ending June 30, 2011 through June
30, 2031, for the purpose of the purchase of new fire trucks, the funding of capital maintenance and re -equipping of existing
fire trucks, and also for street repair, replacement, placement, and maintenance in the City of Riverdale, Iowa?"
Passed 11/03/2009 with 90 yes and 72 no votes.
Property taxes should be deposited into the 300 Capital Improvement Levy fund and transferred annually into the 302
Road Replacement fund and the 303 Fire Equipment/Replacement fund. However, funds have been deposited into
incorrect funds. Therefore:
• $72,597.65 will be transferred out of the 301 Capital Improvements fund.
• $17,258.93 will be transferred into the 300 Capital Improvement Levy to correct the deficit in the fund.
• $55,338.72 (from FY23) will be split 50/50 and transferred into the 302 Road Replacement fund ($27,669.36) and
the 303 Fire Equipment/Replacement fund ($27,669.36) as discussed in the council meeting on 08/08/2023.
Fund balance summary as of 06/30/2023 if Resolution 2023-075 is adopted:
Fund Number/Name
Current Fund Balance
Transfer Amount
Balance After Transfers
301 Capital Improvements
$ 419,030.79
$ 72,597.65-
$ 346,433.14
300 Capital Improvement Levy
$ 17,258.93-
$ 17,258.93+
$ 0.00
302 Road Replacement
$ 51,097.74
$ 27,669.36+
$ 78,767.10
303 Fire Equipment/Replacement
_$ 92,505.03
$ 27,669.36+
$ 120,174.39
TOTALS
$ 545,374.63
$ 0.00
$ 545,374.63
Tue Aug 15, 2023 10.11 AM
TREASURER'S REPORT
CALENDAR 6/2023, FISCAL 12/2023
Page
ACCOUNT TITLE
LAST MONTH CHANGE IN ENDING
END BALANCE RECEIVED DISBURSED LIABILITY BALANCE
001 GENERAL 228,544.45- 470,219.04 78,430.54 2,835.70- 160,408.35
002 FEMA DERECHO 1,500.00 .00 1,500.00 .00 .00
110 ROAD USE TAX 168,212,74 5,850.96 119.45 34.16- 173,910.09
111 I -JOBS .00 .00 .00 .00 .00
121 LOCAL OPTION SALES TAX 626,896,98 13,701.48 563,445.00 .00 77,153.46
125 STATE STREET TIF 3,357.00- .00 .00 .00 3,357,00-
126 WELCH FARMS TIF 29,410,03 .00 28,597.03 .00 813.00
127 FENNO TIF .00 .00 .00 .00 .00
128 TIF 4 .00 .00 .00 .00 .00
145 LMI TIF .00 10,718.67 .00 .00 10,718.67
150 FIRE AWARDS 96.32 .00 .00 .00 96.32
200 DEBT SERVICE 42,367.81 .00 .00 .00 42,367.81
300 CAPITAL IMPROVEMENT LEV 180,865,92 2,47 198,127.32 .00 7,258.93-
301 CAPITAL IMPROVEMENTS 20,328,91 398,701,88 .00 .00 419,030.79
302 ROAD REPLACEMENT 51,097,74 .00 .00 .00 51,097.74
303 FIRE EQUIPMENT/REPLACEM 92, 505.03 .00 .00 .00 92, 505.03
304 2011 CAPITAL PRO]ECT(B0 .00 .00 .00 .00 .00
305 STATE ST TIF CAP PROJEC 1,390.50- .00 .00 .00 1,390.50-
306 WELCH TIF CAP PROJECT 151,794.10- 17,878.36 .00 .00 133,915.74-
307 FENNO TIF CAP PROJECT 12,997.49- .00 .00 .00 12,997.49-
610 SEWER 318,604.50- 8,094.00 2,352.02 45.94 312,816.58-
611 SEWER - CAPITAL PROJECT 29,245.61- .00 .00 .00 29,245.61 -
Report Total 467,347.83 925,166.86 872,571.36 2,823.92- 517,119.41
GLTREARP °7101121 OPER: KAK
CITY OF RIVERDALE
Statement Writer: DC Summary By: FUND