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HomeMy WebLinkAbout1999-182 CCR1 Member Kay Lasman introduced the following resolution and moved its adoption: RESOLUTION NO. 99-1.82 RESOLUTION AUTHORIZING THE TRANSFER OF SURPLUS FUNDS FROM THE GENERAL FUND TO THE SPECIAL ASSESSMENT CONSTRUCTION FUND AND THE CAPITAL IMPROVEMENTS FUND WHEREAS, Section 7.11 of the City Charter provides the City Council with the authority to make permanent transfers between all funds which may be created, provided that such transfers are not inconsistent with the provisions of relevant covenants, the provisions of this charter, or State statute; and WHEREAS, The City Council adopted Financial Management Policies on June 8, 1992 which contain a formula to determine an adequate fund balance for the General Fund; and WHEREAS, there now exists $700,000 of surplus funds in the General Fund which are available for transfer according to the Financial Management Policies; and WHEREAS, there is a need in the Special Assessment Construction Fund for $225,000 to pay for a portion of the 2000 neighborhood street improvements which are to be funded on a city-wide basis instead of by special assessments; and WHEREAS, there is a need in the Capital Improvements Fund for $125,000 to provide an annual ongoing level of effort to fund park and building needs and WHEREAS, there is a need in the Capital Improvements Fund for $350,000 to provide funds for anticipated improvements to the Community Center buildings. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center, Minnesota, that the General Fund shall transfer $225,000 to the Special Assessment Construction Fund and $475,000 to the. Capital Improvements Fund. November 22, 1999 Date Mayor 1 ATTEST: (ll/1,{Jy( City Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Ed Nelson , and upon vote being taken thereon, the following voted in favor thereof: Myrna Kragness, Debra Hilstrom, Kay lasman, Ed Nelson, and Robert Peppe; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.