HomeMy WebLinkAbout2014-019 CCR Member Carol Kleven introduced the following resolution and
moved its adoption:
RESOLUTION NO. 2014-19
RESOLUTION APPROVING CAPITAL PROJECT FUNDING POLICY
WHEREAS, the City Council of the City of Brooklyn Center has adopted
Financial Stability as a Strategic Priority. The City will maintain a positive financial position
with a long perspective by diversifying revenue sources, aligning fees to adequately reflect
service costs, stabilizing property taxes while reducing the City's reliance on State Shared
Revenues, and ensuring that revenues are adequate to fund service and infrastructure needs; and
WHEREAS, the Capital Project Funding Policy provides a recurring funding
source for the City's Capital Improvement Plan; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center that the Capital Project Funding Policy identified in this resolution is hereby
adopted and will be incorporated in City Council Code of Policies — Section 2.21 Financial
Management Policies, 3.K. Capital Project Funding.
January 13, 2014
Date Mayor
ATTEST: 14W " .
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Kris Lawrence-Anderson
and upon vote being taken thereon,the following voted in favor thereof:
Tim Willson, Carol Kleven, Kris Lawrence-Anderson, Lin Myszkowski, and Dan Ryan;
and the following voted against the same: none
whereupon said resolution was declared duly passed and adopted.
RESOLUTION NO. 2014-19
City of Brooklyn Center
Capital Project Funding Policy
Note: To be incorporated in the City Council Code of Policies-Section 2.21 Financial
Management Policies, 3.K. Capital Project Funding.
1. Each year, following the completion of the annual audit(typically July)the year-end fund
balance of the General Fund will be reviewed for surplus operating funds. The audited
year-end General Fund unassigned fund balance that exceeds 52% of the next year's
General Fund operating budget will be transferred to the Capital Projects fund.
2. Each year, following the completion of the annual audit(typically July)the year-end cash
balance of the Brooklyn Center Liquor operations will be reviewed for surplus operating
funds. The audited year-end Liquor Fund unrestricted cash balance that exceeds three
and a half months of the next year's budgeted operating expenses and one year of
budgeted capital equipment needs will be transferred to the Capital Project fund.
3. Local Government Aid(LGA) will serve as a funding source for current and future
capital projects. On an annual basis, beginning with the 2015 LGA allotment, the City
will receipt the greater of$650,000 (or the full amount if less than $650,000) of LGA
received OR 50 percent of total LGA.
4. Any remaining fund balance at year-end in the Capital Projects funds will be carried
forward to fund future capital improvement projects as identified in the City's Capital
Improvement Plan.