HomeMy WebLinkAbout2003-095 CCRIF
Member Kay Lasman introduced the following resolution and moved its
adoption:
RESOLUTION NO. 2003-95
RESOLUTION AUTHORIZING AND DIRECTING THE TRANSFER OF FUNDS
FROM THE GENERAL FUND TO THE INFRASTRUCTURE CONSTRUCTION
FUND
WHEREAS, as a result of Tax Court settlements during 2002, valuation and property
taxes were reduced for several properties in the City; and
WHEREAS, the City had established a reserve amount in anticipation of property tax
court settlements; and
WHEREAS, this abatement reserve was established in the General Fund from current
tax revenues at $266,343; and
finalized; and
WHEREAS, the anticipated property tax court settlements have been ordered and
WHEREAS, the property tax reductions were applied by Hennepin County to tax
increments and not to general property tax revenues; and
WHEREAS, this resulted in a revenue recognition in 2002 of $266,343; and
WHEREAS, the uncertainty of payments from the state of shared tax revenues
including Market Value Homestead Credit and Local Government Aid for the City during the last
quarter of 2002 resulted in no equity transfer from the General Fund to the Infrastructure
Construction Fund based on available fund balance as of December 31, 2001; and
WHEREAS, the calculation of this equity transfer would have resulted in a transfer of
$500,000 to the Infrastructure Construction Fund to support the City's share of street improvement
projects; and
WHEREAS, this equity transfer provides capital to continue the street reconstruction
program established by the City Council.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Brooklyn
Center that an equity transfer of the tax abatement reserve that is no longer necessary, in the amount
of $266,343, be made from the General Fund to the Infrastructure Construction Fund effective
December 30, 2002.
BE IT FURTHER RESOLVED that an equity transfer in the amount of $500,000 be
made from the General Fund to the Infrastructure Construction Fund effective December 30, 2002.
1
RESOLUTION NO
June 9, 2003
Date
ATTEST:
City Clerk
f" A- V
Mayor
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,. Kay Lasman, Diane Niesen, and Bob Peppe;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.
2003-95