HomeMy WebLinkAbout1998-188 CCRMember Debra Hilstrom introduced the following resolution and moved its
adoption:
RESOLUTION NO. 98-188
RESOLUTION AUTHORIZING THE TRANSFER OF SURPLUS FUNDS FROM
THE GENERAL FUND TO THE SPECIAL ASSESSMENT CONSTRUCTION
FUND AND Tt4E CAPITAL IMPROVEMENTS FUND
1
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 $350,000 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 1999 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.
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 $125,000 to the Capital Improvements Fund.
October 26, 1998
Date
J" ~7~
Mayor
ATTEST:,
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Kathleen Carmody , and upon vote being taken thereon, the following voted in favor
thereof:
Myrna Kragness, Kathleen Carmody, Debra HAstrom, Kay Lasman, and Robert Peppe;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.