HomeMy WebLinkAbout6.c. Redesignation of General Fund BalanceAGENDA ITEM: Redesignation of General Fund Balance
AGENDA SECTION:
Consent
PREPARED BY: Jeff May, Finance Director
AGENDA NO. (p.C.
ATTACHMENTS: Resolution
APPROVED BY:
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RECOMMENDED ACTION: Motion to adopt a Resolution Approving the Transfer of
Excess General Funds to One Debt Service Fund and the Building CIP Fund.
4 ROSEMOUNT
CITY COUNCIL
City Council Meeting Date: March 1, 2011
EXECUTIVE SUMMARY
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 2010 General Funds as
outlined in the City's Fund Balance Policy. The 2010 fund balance in excess of 55% of the 2011 General
Fund operating budget is calculated to be $839,087. This amount is recommended to be used for the
retirement of one debt service issue and for future Building CIP projects. The debt issue is the G.O. Fire
Station Refunding Bonds, 2005D (Fire Station #1) ($355,000 necessary to fund the remaining payments
and between $139,488 and $141,619 levy savings for each of the next four years). The remaining $484,087
will go to the Building CIP Fund and be potentially used for future projects and /or amenities as discussed
at the February 10 and February 19 City Council Goal Setting Sessions.
SUMMARY
Staff is recommending the adoption of the attached resolution.
A RESOLUTION APPROVING THE TRANSFER OF EXCESS GENERAL FUNDS TO
ONE DEBT SERVICE FUND AND THE BUILDING CIP FUND
WHEREAS, the City Council recognizes the need to transfer funds in excess of 55% of
the 2011 General Fund operating budget as outlined in the City's Fund Balance Policy
for the repayment of debt and to one of the Capital Improvements Program (CIP)
budgets;
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 $355,000 from the General Fund to a debt service fund
(G.O. Fire Station Refunding Bonds, 2005D); and the transfer of $484,087 to the
Building CIP Fund for future building projects for the City of Rosemount.
ADOPTED this 1 st day of March, 2011.
ATTEST:
Amy Domeier, City Clerk
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2011
William H. Droste, Mayor