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Home My WebLink About3/28/05 , City of Farmington 325 Oak Street . Farmington, MN 55024 A Proud Past - A Promising Future Committed to Providing High Quality, Timely and Responsive Service to All Of Our Customers AGENDA REGULAR WATER BOARD MEETING Monday, March 28, 2005 7:00 PM Conference Room A 1. Call to Order 2. Approve Agenda 3. Approve Minutes -regular meeting, February 28, 2005 4. Continued Discussion Items . a) Verizon Wireless Lease Amendment b) New metering technology update c) T-Mobile Update 5. New Business 6. Approve Bills 7. Financial Report 8. Open Forum 9. Adjourn . . . . City of Farmington 325 Oak Street, Farmington, MN 55024 (651) 463-7111 Fax (651) 463-2591 www.ci.farmington.mn.us TO: Water Board Members FROM: Robin Roland, Finance Director SUBJECT: Allocation of 2004 Interest Earnings DATE: March 28, 2005 INTRODUCTION Mr. Krueger asked why the City passed an amended 2004 Budget resolution allocating interest revenue for 2004 back to the General fund and Water fund on a 75% - 25% split. DISCUSSION The annual allocation of investment interest earnings is normally done based on adopted budget numbers first and if earnings exceed the budgeted amounts, then earnings are allocated back to all funds based on average cash balances for the year. For the 2004 budget, total interest earnings on the City's pooled cash and investments equaled $519,566 - less than the budgeted amount of $590,107. In addition, the City Council had directed at their budget workshop in Octobe~ that any income shortfall in the General Fund should be supplemented by allocating all interest available to the General Fund. I have attached a spread sheet which shows the cash balance of each fund for each month and an average of all months for all funds. As you can see from the far right hand column, the water fund amounts to 24.88% of City pooled cash and investments. When I proposed the resolution, I rounded this up to 25% so that the Water fund would receive the amount of interest revenue it would have received if interest had been allocated on the cash balances method for the year. The other 75% of cash was to other City funds and all that interest revenue went to the General fund. 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