11/20/2006 Meeting Minutes - Laserfiche WebLink

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Regular Council Minutes 11 /20/06 Page 13 1 Village has seen fit to segregate these to better account for the expenditures of, for example, the Community Room to see how much it cost to subsidize those operations, or this particular building here, the Sewer Relief Fund and the Infrastructure Improvement Fund. This is a way to tell residents as we have had in the past that this money has been set aside into a fund with a very specific purpose. We transfer funds from the General Fund. With Capital Improvements Funds, when the project is substantially complete, any remaining funds by law go to the General Bond Retirement Fund to basically help pay the debt that has probably been issued in order to do that capital improvement project in the first place. The law says that when you are finished, take anything left over and put it into the General Bond Retirement Fund. The Tax Incremental Financing Funds are like General Bond Retirement equivalent funds but the T.I.F. ordinances require us to track the specific payments in lieu of taxes ("pilots") or the T.I.F. revenues in a separate fund. We record those in a separate fund so that we can see which projects generate how much money and then we immediately at the end of every year transfer all of those funds to the Bond Retirement Fund. Those particular funds essentially fund the widening of S.O.M. Center Road's debt with the state infrastructure bank. Mr. Mamie asked if it was the state that wanted these broken down individually. Mr. Brett replied that these transfers have already been authorized by Council with the budget. Council will authorize Mr. Brett to do it again this evening with the amended budget. The State Auditors required Mr. Brett to come to Council with a list of transfers before they are actually done. Roll Call: AYES: All NAYS: None Motion Carried Transfer Authorized Motion to authorize transfer from the General Fund to the Civic Center fund the sum of Two Hundred and Fifty Thousand Dollars ($250,000.00). Mrs. Mills, seconded by Mr. Mamie, made a motion to authorize transfer from the General Fund to the Civic Center fund the sum of Two Hundred and Fifty Thousand Dollars ($250,000.00). Council President Buckholtz asked if there was any discussion. There were -no comments. Roll Call: AYES: All NAYS: None Motion Carried Transfer Authorized Motion to authorize transfer from the General Fund to the Sewer Relief Fund the sum of Two Hundred Thousand Dollars ($200,000.00). Mrs. Mills, seconded by Mr. Mamie, made a motion to authorize transfer from the General Fund to the Sewer Relief Fund the sum of Two Hundred Thousand Dollars ($20,000.00).