HomeMy WebLinkAbout2017-150 CCRMember Kris Lawrence-Anderson introduced the following resolution and
moved its adoption:
RESOLUTION NO. 2017-150
RESOLUTION ADOPTING AMENDMENTS TO THE FINANCIAL POLICIES
SECTION OF THE BROOKLYN CENTER CITY COUNCIL CODE OF
POLICIES
WHEREAS, the City Council of the City of Brooklyn Center adopted a Capital
Project Funding Policy on January 13, 2014, included in the Financial Policies Section of the
City Council Code of Policies; and
WHEREAS, revisions to the Capital Project Funding Policy have been reviewed
by the City Council.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota that the amended Capital Project Funding Policy attached hereto as
Exhibit 1 be incorporated into the Code of Policies and hereby adopted.
September 25, 2017
Date Mayor
ATTEST: JJIIJ2Th4JK'J'YWdk
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
April Graves
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, Marquita Butler, April Graves, Kris Lawrence-Anderson, Dan Ryan
and the following voted against the same: none
whereupon said resolution was declared duly passed and adopted.
RESOLUTION NO. 2017-150 Exhibit 1
FINANCIAL POLICIES
K. Capital Project Improvements Funding Policy
Large capital expenditures for municipal buildings, furnishings, equipment,
computer/radio systems, park and trail improvements, and capital projects made possible
through outside funding sources, are accounted for in the Capital Improvements Fund.
Funding sources:
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 Improvements 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 Improvements
fund.
3.Local Government Aid (LGA) will serve as-a--funding source for current
and future capital pro] ec-ts On an annual basis, beginning with the 2015
LGA allotment, the City will receipt the greater of $650,000 (01- the full
amount if less than $650,000) of Local Government Aid (LGA) received
OR 50 percent of total LGA.
4.Project cost sharing grants from Regional, County, State or Federal
gov e rnments.
5.Tax increment funds as applicable
6. Allocated investment earnings based on the fund's cash balance
Any remaining fund balance at year-end in the Capital Projects Improvements
fund will be carried forward to fund future capital improvement projects as
identified in the City's Capital Improvement Plan.
Reference: City Council Resolution Nos. 2014-19