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1. VILLAGE COUNCIL MEETING:
VILLAGE OF TEQUESTA
AGENDA ITEM TRANSMITTAL FORM
Meeting Date:
12/11 /2008 Meeting Type: Regular Ordinance #: N/A
Consent Agenda: Yes Resolution #: 55-08
Originating Department: Finance
2. AGENDA ITEM TITLE: (Wording form the SUBJECT line of your staff report)
Approval to close IBR fund #101 by transferring remaining assets, liabilities and fund balance/net
assets into General fund #001 and amending the 2009 budgets for both funds to reflect the transfers.
3. BUDGET /FINANCIAL IMPACT:
Revenues: Amount of this item: N/A
101-910-399-999 (IBR) Appropriate Fund Balance $139,490.27
001-900-381.101 (G/F) Transfer in from IBR
Expenditures:
101-900-591.001 (IBR) Transfer out to Gen Fund
001-950-590.001 G/F Allocate to Fund Balance
Current Budgeted Amount Available: Amount Remaining after item:
N/A N/A
Budget Transfer Required: Yes Appropriate Fund Balance: Yes
4. EXECUTIVE SUM MARY OF MAJOR ISSUES: (This is a snap shot description of the agenda item)
The Village created the IBR fund #101 to account for the Improvement Revenue Refunding Bonds,
Series 1994 as required by the bond covenants. The bonds were refunded in-full in the prior fiscal
year and there not longer exists a requirement or purpose for keeping the fund open. We are
requesting the Village Council approve closing the fund and transferring any remaining assets,
liabilities and fund balance/net assets into General fund #001
5. APPROVALS:
Dept. Head: _;'~/,~~/ ~ n .~~~.
Attorney: (for legal sufficiency)
Village Manager:
• SUBMIT FOR COUNCIL DISCUSSION: [(
• APPROVE ITEM:
- ~ ,,,_
Finance Director: ;~ ~ ~~~~""
Yes ^ No ^
• DENY ITEM: ^
MEMORANDUM
FINANCE DEPARTMENT
DATE: NOVEMBER 26, 2008, 2008
TO: MICHAEL R. COUZZO, VILLAGE MANAGER
FROM: JOANN FORSYTHE, FINANCE DIRECTOR
RE: RESOLUTION 55-08 CLOSING IBR FUND #101 AND TRANSFERRING ALL
ASSETS, LIABILITIES AND NET ASSETS/FUND BALANCE TO GENERAL
FUND #001
IBR fund #101 was created by the Village Council to meet the bond covenants of the Improvement
Revenue Refunding Bonds, Series 1994. Revenues drat were recorded in IBR fund #101 were used to pay
debt service on the 1994 bonds and the excess revenues were transferred to the General fund #001.
Last fiscal year, the Village refunded in full all of the Series1994 bonds. As such, there no longer exists any
requirement or purpose in keeping the IBR fund #101 open. Staff is requesting that the Village Council
approve the attached resolution 55-08, closing fund #101 and transferring any remaining assets, liabilities and
fund balance/net assets to General fund #001.
For budgeting purposes, we are also requesting that the 2009 budgets for funds #001 (General Fund) and
#101(IBR) be increased to reflect the transfer. Per your direction, all assets and fund balance/net assets
transferred from the IBR fund #101 to the General fund #001 are being budgeted to flow back-into fund
balance by using the account "Allocate to Fund balance".
11/26/0811:28 AM
RESOLUTION N0.55-OS
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE
OF TEQUESTA AUTHORIZING THE CLOSING OF IBR FUND #101
AND AUTHORIZING THE TRANSFER OF ALL REMAINING
ASSETS, LIABILITIES AND EQUITY TO GENERAL FUND #001;
INCREASING THE 2009 IBR FUND #101 AND THE GENERAL
FUND #001 BUDGETS BY INCREASING REVENUES AND
EXPENDITURES BY THE AMOUNT OF THE TRANSFER; AND
PROVIDING FOR AN EFFECTIVE DATE AND FOR OTHER
PURPOSES.
WHEREAS, IBR Fund 101 was created to account for revenues and
expenditures as required by the Improvement Revenue Refunding
Bonds, Series 1994 bond covenants, and
WHEREAS, the Improvement Revenue Refunding Bonds, Series
1994 have been refunded, and
WHEREAS, there is no requirement to keep this fund open,
WHEREAS, the remaining assets, liabilities and equity will be
transferred to General Fund #001;
WHEREAS, the IBR Fund #101 2009 budget wi11 be increased by the
amount of $139,490.27 by increasing the following accounts;
Revenues -Appropriate Fund Balance (101-910-399.999)
Expenditures -Transfers-Out (101-900-591.001)
WHEREAS, the General Fund #001 2009 budget will be increased by
the amount of $139,490.27 by increasing the following accounts;
Revenues -Transfers-In (001-900-381.101)
Expenditures -Allocate to Fund Balance (001-950-590.001)
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1. The request for authorization to close IBR Fund #101 and transfer
remaining assets, liabilities and equity to General Fund #001 and to increase the
2009 Budgets for Funds #001 and #101 accordingly, is approved.
Section 1 This Resolution shall become effective immediately upon passage