HomeMy WebLinkAbout6.g. Fund Balance Transfer/Encumbrance4ROSEMOUNTEXECUTIVE SUMMARY
CITY COUNCIL
City Council Meeting Date: March 16, 2010
AGENDA ITEM: Fund Balance Transfer /Encumbrance
AGENDA SECTION:
Consent
PREPARED BY: Jeff May, Finance Director
AGENDA NO.
ATTACHMENTS: Resolution
APPROVED BY:
RECOMMENDED ACTION: Motion to adopt a Resolution Approving the Transfer of
Excess General Funds to Two Debt Service Funds and the Equipment CIP Fund and the
Encumbrance of the Equipment CIP Funds to be Used for the upgrades to the Police
Department's Records Management Software (RMS) from LOGIS and for future equipment
urchases.
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 2009 General Funds as
outlined in the City's Fund Balance Policy. The 2009 fiznd balance in excess of 55% of the 2010 General
Fund operating budget is calculated to be $662,089. This amount is recommended to be used for the
retirement of two debt service issues and for capital equipment purchases. The two debt issues are the
G.O. Equipment Certificates, 2007B ($185,000 necessary to fund the remaining payments and between
$107,000 and $108,000 levy savings for each of the next two years) and the G.O. Equipment Certificates,
2008A ($256,000 necessary to fund the remaining payments and between $90,000 and $94,000 levy savings
for each of the next three years). The funds to go to the Equipment CIP Fund include $48,792 for the
payment to LOGIS for upgrades to the Police Department's Records Management Software (RMS) as
discussed at the February 10th City Council Work Session and $172,297 for future equipment purchases.
SUMMARY
Staff is recommending the adoption of the attached resolution.
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2010 -
A RESOLUTION APPROVING THE TRANSFER OF EXCESS GENERAL FUNDS TO
TWO DEBT SERVICE FUNDS AND THE EQUIPMENT CIP FUND AND THE
ENCUMBRANCE OF THE EQUIPMENT CIP FUNDS TO BE USED FOR THE
UPGRADES TO THE POLICE DEPARTMENT'S RECORDS MANAGEMENT
SOFTWARE (RMS) FROM LOGIS AND FOR FUTURE EQUIPMENT PURCHASES
WHEREAS, the City Council recognizes the need to transfer funds in excess of 55% of
the 2010 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 to be used for specific purposes;
WHEREAS, the City Council recognizes the need to have funds available to be used for
future equipment purchases for the City of Rosemount.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Rosemount
hereby approves the transfer of $662,089 from the General Fund to two debt service
funds ($185,000 - G.O. Equipment Certificates, 200713; and $256,000 - G.O. Equipment
Certificates, 2008A) and to the Equipment CIP Fund ($221,089); and the encumbrance
of the $221,089 in the Equipment CIP Fund to be used for upgrades to the Police
Department's Records Management Software (RMS) ($48,792) and for future
equipment purchases ($172,297) for the City of Rosemount.
ADOPTED this 16th day of March, 2010.
ATTEST:
Amy Domeier, City Clerk
Motion by:
Voted in favor:
Voted Against:
Members Absent:
William H. Droste, Mayor
Seconded by: