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89-1428 WHITE = C1TV CLERK . PINK �- FINANCE G I TY OF � S I NT PAU L Council CANARV� DEPARTMENT 61UE - MAVOR � Flle NO. ' � u,ncil esolution ��� � Presented B � "" h Re o Committee: Date � �f`5 —d / Out of Committee By Date � WHEREAS, The Tax Reform Act of 198 mposed stringent requirements for the reporting, traeking and rebate o arbitrage earnings for tax exempt bond funds, and WHEREAS, these arbitrage rebate ea n ngs result from interest earnings on bond proeeeds in excess of the e interest rate on the Bonds, and WHEREAS, during 1989 , the General Ae t Sernice Fund earned $123 , 194 in arbitrage interest , and WHEREAS, these funds must be transfe red to the appropriate City Agency Aecount for repayment to the ederal government , and WHEREAS, The Mayor pursuant to Seeti n 10 .07 . 1 of the City Charter, does certify that there are availapl for appropriation revenues in excess of those estimated in the 1 �8 budget ; and WHEREAS, The Mayor reeommends the �'o lowing ehanges to the 1989 budget : COUNCIL MEMBERS Requested by Department of: Yeas Nays Dimond Finance and Management Services ��g [n Favor coswitz Rettman B s�ne�be� Against Y Sonnen Wilson ' � Form Appro by City Att rney Adopted by Council: Date Certified Passed by Council Secretary BY— � gy. /\p o by Mavor: Date _ ' Approv by Mayor for Submission to unci� ----+— � 1 � . lT ��f��� JF - DEPARTMENT/OFFlCEICOUNCIL DATE INITIATE Finance and Mana ement e ic - Treasu 06/28/89 GREEN SHEET N�. 10 3 6 �Nm,w a►� iNmnwnre CONTACT PERSON R PHONE ARTMENT DIRECTOR �pTY COUNqL Shirley Davis - 292-703 � CITY ATTORNEY ( CITY CLERK MUST BE ON COUNdL ACiENDA BY(DA ROUTINO BUDQET DIRECTOR IN.8 MOT.SERVICES DIR. 4 MAYOR(OR ASSISTAN� 5 Ch311'. Financ C TOTAL M OF SIGNATURE PAG (CLIP ALL A IONS FOR SIGNATURE) 7 City Council ACTION REWEBTED: This resolution establishes a budget for the transfe of 1989 arbitrage interest earninqs from the bond £und to the appropriate City Aqency account for payment to t e f deral qovernment. ECOMMENDATIONS:Approve(l y a Rsjsct(F� COUNCIL M EARCH _PLANNINO COMMIBSION _qVIL SERVICE COMMISSION ��YST PHONE NO. _dB OOMMIITEE — COMMENT3: _STAFf — —asrAicr cou�r — OFFICE OF THE DIRECTOR SUPPORTS WHICH COUNdL OBJECTIVE4 DEPARTMENT OF FiNANCE INITIATIN6 PROBLEM,188UE.OPPORTUNITY(Who.What.Whsn,Whers,Why): The Tax Reform Act of 1986 imposed strinqent requir men s for the reportinq, trackinq and rebate of arbitraqe intere t eaminqs for tax exempt bond funds. These arbitraq re ate earninqs are the interest eaminqs on bond proceeds in excess of the net interest rate on the bonds and are receipted into the debt service account for each bond issue. The money is availab�, but must be budgeted for in 989 ' - - ADVANTA(iES IF APPROVED: The City is in compliance with the law and the mon i appropriated for rebate purposes. Budgeting yearly for these expenses is good fiscal pol cy as it allows the City to set aside the money needed for rebate to the federal qovernment. DISADVANTAOES IF APPROVED: None. To be in compliance with the law, the City must r at these arbitraqe interest earninqs. DISADVANTA(iES IF NOT APPROVED: The penalty for nonconformance to the law, is the bon could become taxable. The City's hiqh bond ratinq would be jeopardized. COi�t^;:}� ('.;,�;,ai C.�1 C��C r=.� .� 3 1°$� y. TOTAL NT OF TRANBA 10 �� � / � COST/REVENUE BUDQETED(CIRCLE ONE) YE8 NO �� 9�0 �'9 �'� � �'9'98� FUNDINO SOUi�E nterest Earnin s ACTIVITY NUMBER FlNANGA�INFORMATION:(ExPUU1�Resolution establishes bud et or 1989. Money i A e�e i��n�deb �ccounts for this expense. _ � � � �, . . - � ���,��� � Current Amended Budget Changes Budget FINANCING PLAN _______ _______ _______ 960 General Debt Serviee Fund i 89987 General Debt 1987 Bonds 6602 Interest on Investments ; - 0 - 89 ,767 89 , 767 All Other Finaneing � 1 , 459 , 963 - 0 - 1 , 459 , 963 --------- ------- --------- Total Financing 1 , �59 , 9b3 89 ,767 1 ,5�9 ,730 89988 General Debt 1988 Bonds � 6602 Interest on Investments � - 0 - 33 , �27 33 , 427 All Other Finaneing i 1 ,55� , 800 - 0 - 1 ,55� , 800 --------- ------ --------- Total Finaneing , 1 ,554 , 800 33 ,�27 1 ,588, 227 � � 2 I WHITE •- CITV CLERK COUflCIl ��//�� y PINK - FINANCE GITY OF S INT PAUL t 7 a CAqIARV�- DEPARTMENT 91.UE - MAVOR � F11e NO. - Council` esolution Presented By ' Referred To Committee: Date Out of Committee By Date i SPENDING PLAN I 960 General Debt Service Fund 89987 General Debt 1987 Bonds ! 0514 _ Operating Transfer Out - 0 - 89 ,767 89, 767 All Other Spending 1 , 459 , 963 - 0 - 1 ,459 , 9b3 � --------- ------ --------- Total Spending 1 , 459 , 963 89 , 767 1 ,549 ,730 89988 - General Debt 1988 Bonds �� 0514 . Operating Transfer Out - 0 - 33 , �+27 33 , 427 All Other Spending 1 ,554 , 800 - 0 - 1 ,554 , 800 Total Spending 1 , 554 , 800 33 , 427 1 ,588 , 227 NET CHANGE $123 , 194 RESOLVED, That the City Council ap�r ves these ehanges to the 1989 budget. �I ' Approval Recommended I� , � � Budget i eetor I COUNCIL MEMBERS Requested by Department of: Yeas Nays Dimond I Finance and Managem t Services Long � In Favor Goswitz Rettman Scheibel A gai n s t I By Sonncn Wilson $EP �! 19p� �' Form Approved by City Attorn Adopted by Council: Date Certified sed by Cou c�l Secre ary BY � � gy, �(.s�c.+ ��r/<"� f � t�pp e by �Navor. Da e _ _ Appr e by Mayor for Sub 's ' n t Counci p�jgl� S E P �; p 1989� 3 _- -� . I - . . . . . . . .... ......... --..._ �_...-- . , � . _._ .. . _ _ . . ����` ��� J; , ..;..,Y.� � '�� R�`' CITY OF I!S INT PAUL I 19fILRF`�� �:�tt �r:�� OFFICE OF TH CITY COUNCIL . Committ e Report � Finance Mana emer�t & Personnel Committee Septe be 11, 1989 I I A roved 1. Approval of minutes of August 21, 1989, meeting. pp 2a. Resolution 89-1427 - amending �he 1989 budget and Approved adding $8,673 to the Financing an Spending Plans for G.O. Special Assessment, 1987 and 1988 Bonds- arbitrage interest ear.nings. �Re erred from Council August 15) ' 2b. Resolu�tion 89-1428 - amending he 1989 budget and Approved adding $123,194 to the Financi g nd Spending Plans for General Debt Service Fund, 19 T and 1988 Bonds- � arbitrage interest earnings. Re erred from Council August 15) 2c. Resolution 89-1429 - amending �he 1989 budget and Approved adding $118,850 to the Financing nd Spending Plans for Sewer Service Bond Fund - rb trage interest earnings. (Referred from Coun il August 15) 2d. Resolution 89-1430 - amending � he 1989 budget and Approved adding $12,000 to the Financing a d Spending Plans for powntown & 7th Place TIGO Deb Service - arbitrage interest earnings. (Referred ifro Council August 15) 2e. Resolution 89-1431 - amending th 1989 budget and Approved adding $7,000 to the Financin a Spending Plans for Park Nursery Development �IG Debt Service - arbitrage interest earnings. '(R ferred from Council August 15) 3. Resolution 89-1301 - amending th 1989 budget by Approved adding $42,445 to the Financing nd Spending Plans for the Rental Dwelling Registra ion Program. (Referred from Council July 2"a, aid over August 21) : 4. Resolution 89-1300 - amending th 1989 budget by Approved adding $10,800 to the Financing nd Spending Plans for the Alarm Permit Program. ( eferred from Council July 25) , � CIT'Y HALL SEVE TH FLOOR SAINT PAUL,MINNESOTA 55102 • r-�' •46 i Finance Committee Report September 11, 1989 5. Resolution 89-1325 - amending the 1989 budget by Approved adding $30,000 to the Financing and Spending Plans in the Fire Department for new roof at Fire Station No. 10. (Referred from Council August 1) 6. Resolution 89-1423 - amending the 1989 budget by Approved adding $11,706 to the Financing and Spending Plans of General Fund - Fire Department salaries - overtime. (Referred from Council August 15) 7. Resolution 89-1424 - amending the 1989 budget and Approved adding $52,451.96 to the Financing and Spending Plans for Friends of the Library. (Referred from Council August 15) 8. Resolution 89-1425 - amending the 1989 budget and Approved adding $30,000 to the Financing and Spending Plans for Community Services Library materials. (Referred from Council August 15) 9. Resolution 89-1492 - amending the 1989 budget by Approved as amended adding $20,000 to the Financing and Spending Plans for physical examinations for potential city employees. (Referred from Council August 22) 10. Resolution 89-1521 - amending the 1989 budget by Approved adding $70,000 to the Financing and Spending Plans for the Public Works Traffic, Signal , Lighting and Maintenance fund. (Referred from Council August 29) 11. Resolution 89-1540 - amending the 1989 budget by Approved Substitute adding $246,151 to the Financing and Spending Plans Resolution for CIS computer upgrading. (Referred from Council August 31) 12. Resolution 89-1243 - approving the appointment by Denied the Mayor of James C. Sargent to serve as a Commis- sioner of the Civil Service Commission. (Referred from Council July 13, laid over July 31) 13. Resolution 89-1469 - authorizing district councils to Denied use funds allocated for neighborhood cleanup projects in addition to the Neighborhood Cleanup Day; and that District 15 Community Council is authorized to utilize its neighborhood cleanup allocation for printing and distribution of solid waste reduction and recycling brochure. (Referred from Council August 17) 14. Ordinance 89-1266 - amending Chapter 370 of the Approved Legislative Code pertaining to appointment of members to the Board of Examiners for Certificate of Competency holders. (Referred from Council July 25, laid over August 21)