HomeMy WebLinkAbout1994-200 CCR1
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Member Kristen Mann introduced the following resolution and
moved its adoption:
RESOLUTION NO. 94 -200
RESOLUTION AUTHORIZING THE TRANSFER OF CASH AND
INVESTMENTS FROM THE GENERAL FUND AND THE SPECIAL
ASSESSMENT DEBT SERVICE FUND TO THE CENTRAL GARAGE
INTERNAL SERVICE FUND TO COVER UNFUNDED PAST
DEPRECIATION RESULTING FROM INFLATION
WHEREAS, Section 7.11 of the City Charter does provide the City Council with
full authority to make transfers between all funds which may be created, provided that such
transfers are not inconsistent with the provisions of related covenants, the provisions of the City
Charter, or State Statutes; and
WHEREAS, the City Council, on December 20, 1993, approved Resolution 93-
224 which created a Central Garage Internal Service Fund and estimated the unfunded past
depreciation to be $1,635,437 on vehicles operated by the General Fund; and
WHEREAS, a more accurate determination has now been made, including the
effects of inflation and the imposition of sales tax on the purchase of city vehicles, which show
that an additional amount of $1,007,845 should be set aside for past depreciation; and
WHEREAS, the amounts of $200,000 in the General Fund and $450,000 in the
Special Assessment Debt Service Fund are available for transfer to the Central Garage Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center that cash and investments will be transferred to the Central Garage Fund to
cover past depreciation as follows:
ATTEST:
General Fund
Special Assess Bonds of 1987
September 26, 1994
Date
Deputy Clerk
$200,000.00
450,000.00
$650,000.00
Todd Paulson, Mayor
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RESOLUTION NO. 94 200
The motion for the adoption of the foregoing resolution was duly seconded by member
Dave Rosene and upon vote being taken thereon, the following voted in
favor thereof:
Todd Paulson, Celia Scott, Dave Rosene, and Kristen Mann;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.