HomeMy WebLinkAbout6.g. Fund Balance Transfer/EncumbranceCITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
City Council Meeting Date March 15, 2005
ISSUE The annual redesignation of excess General Fund balances per the
City's Fund Balance Policy
BACKGROUND This item is on the agenda to complete the transfer and redesignation of
excess 2004 General Funds as outlined in the City's Fund Balance Policy (F -7) The 2004
fund balance in excess of 55% of the 2005 General Fund operating budget is recommended
to be used for future budding projects Therefore, the resolution before you this evening
authorizes the transfer of those excess funds to the Building CIP Fund and then the
encumbrance of those funds for the future building projects
SUMMARY
Staff is recommending that the City Council adopt the attached resolution.
AGENDA SECTION:
AGENDA ITEM: Fund Balance Transfer /Encumbrance
Consent
PREPARED BY: Jeff May, Finance Director
AGE TTF.M
ATTACHMENTS: Resolution
APPROVED BY:
RECOMMENDED ACTION: Motion to adopt A RESOLUTION APPROVING THE
TRANSFER OF EXCESS GENERAL FUNDS TO THE BUILDING CIP FUND AND THE
ENCUMBRANCE OF THESE FUNDS TO BE USED FOR FUTURE BUILDING
PROJECTS
ACTION:
ISSUE The annual redesignation of excess General Fund balances per the
City's Fund Balance Policy
BACKGROUND This item is on the agenda to complete the transfer and redesignation of
excess 2004 General Funds as outlined in the City's Fund Balance Policy (F -7) The 2004
fund balance in excess of 55% of the 2005 General Fund operating budget is recommended
to be used for future budding projects Therefore, the resolution before you this evening
authorizes the transfer of those excess funds to the Building CIP Fund and then the
encumbrance of those funds for the future building projects
SUMMARY
Staff is recommending that the City Council adopt the attached resolution.
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2005
A RESOLUTION APPROVING THE TRANSFER OF EXCESS GENERAL FUNDS TO
THE BUILDING CIP FUND AND THE ENCUMBRANCE OF THESE FUNDS TO BE
USED FOR FUTURE BUILDING PROJECTS
WHEREAS, the City Council recognizes the need to transfer funds in excess of 55% of
the 2005 General Fund operating budget as outlined in the City's Fund Balance Policy
(F -7) to one of the Capital Improvements Program (CIP) budgets to be used for a
specific purpose,
WHEREAS, the City Council recognizes the need to have funds available to be used for
future building projects for the City of Rosemount
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Rosemount
hereby approves the transfer of $590,000 from the General Fund to the Building CIP
Fund and the encumbrance of the $590,000 in the Building CIP Fund to be used for
future budding projects for the City of Rosemount
ADOPTED this 15 day of March, 2005.
William H Droste, Mayor
ATTEST
Linda J Jentink, City Clerk
Motion by
Voted in favor
Voted Against
Seconded by
Members Absent