HomeMy WebLinkAbout1990-092 CCRr
I
(RESCDBG)
Member Celia Scott
moved its adoption:
introduced the following resolution and
RESOLUTION NO. 90 92
RESOLUTION TO TRANSFER FUNDS FROM THE COMMUNITY DEVELOPMENT
BLOCK GRANT FUND TO THE ECONOMIC DEVELOPMENT AUTHORITY FUND
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 Community Development Block Grant Fund (CDBG) was
established to receive grant money and transfer it to other funds as
reimbursement for qualified expenditures already made; and
WHEREAS, there now exists accumulated cash surpluses which are
the result of interest earnings on some grant reimbursements which were
temporarily left in the CDBG Fund; and
WHEREAS, these grants should have been immediately transferred
to the Economic Development Authority which would then have received the
interest income; and
WHEREAS, the Fund Balance in the CDBG Fund as of December 31,
1989 was $14,682.23; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center as follows:
ATTEST:
1. To transfer the amount of $14,682.23 from the CDBG Fund
to the Economic Development Authority Fund.
2. To transfer the 1990 interest earnings of the CDBG Fund
to the Economic Development Authority Fund when they have
been determined at year end.
May 7, 1990
Date
)1)c
Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by member Jerry Pedlar and upon vote being taken
thereon, the following voted in favor thereof: Dean Nyquist,
Celia Scott, Todd Paulson, Jerry Pedlar, and Philip Cohen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.