HomeMy WebLinkAboutBudget/Finance Committee Minutes 01.20.1998 MINUTES
BUDGET/FINANCE COMMITTEE
JAI~3ARY 20, 1998 4:30 P.M.
OLD COUNCIL CHAMBERS
MEMBERS PRESENT: Bud Johnson Gay Easton
Don Hackmann Chuck Rodgers
OTHERS PRESENT: Keh Olson
Discussion regarding transferring funds to the Capital Projects
Cash Account in the water fund. In October 1995 $125,000.00 was
transferred to the Water'Fund Construction Cash account to use as
interim financing for eng%neering costs on the water project. In
April 1997 $33,500.00 ~ ~as also transferred for a total of
$158,500.00 _
This money needs to be transferred back to the Capital Projects
Cash account and used for payment on a $212,000.00 note for money
borrowed to repair the water intake lines at the water plant due to
the ice jams in 1996.
The Committee recommends transferring $50;000.00 from the Water
Operating Cash account to the Construction Cash account and then
transfer this amount from the Construction Cash account to the
Capital Projects Cash to be used for a note payment. This amount
along with approximately $50,000.00 currently on hand in the
Capital Projects Cash account would be used to make a $!00,000.00
payment on the $212,000.00 note.
Discussion regarding transferring funds from the General Fund to
the various Capital Project funds in fund No. 4000. No decision
was made at this time.
The overtime report for PPE 1-10-98 was presented and reviewed.
A purchase requisition in the amount of $30,800.00 to purchase 175
300 gallon garbage containers was approved.
The meeting was adjourned at 4:55 p.m.
Respectfully submitted,
Don Hackmann
Clerk-Treasurer