HomeMy WebLinkAbout6.g. Fund Balance Transfer/EncumbranceAGENDA ITEM: Fund Balance Transfer /Encumbrance
AGENDA SECTION:
Consent
PREPARED BY: Jeff May, Finance Director
AGENDA NO. (p.C).
ATTACHMENTS: Resolution
APPROVED BY:
oiai
RECOMMENDED ACTION: Motion to adopt a Resolution Approving the Transfer of
Excess General Funds to Three Debt Service Funds and the Building CIP Fund and the
Encumbrance of the Building CIP Funds to be Used for Improvements to City Buildings.
4 ROSEMOUNT
CITY COUNCIL
City Council Meeting Date: March 18, 2009
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 2008 General Funds as
outlined in the City's Fund Balance Policy. The 2008 fund balance in excess of 55% of the 2009 General
Fund operating budget is recommended to be used for the retirement of three debt service issues and for
improvements to City buildings.
SUMMARY
Staff is recommending the adoption of the attached resolution.
A RESOLUTION APPROVING THE TRANSFER OF EXCESS GENERAL FUNDS TO
THREE DEBT SERVICE FUNDS AND THE BUILDING CIP FUND AND THE
ENCUMBRANCE OF THE BUILDING CIP FUNDS TO BE USED FOR
IMPROVEMENTS TO CITY BUILDINGS
WHEREAS, the City Council recognizes the need to transfer funds in excess of 55% of
the 2009 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 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 $944,000 from the General Fund to three debt service
funds ($592,000 G.O. Community Center Refunding Bonds, 2001E; G.O. Equipment
Certificates, 2005B; and G.O. Equipment Certificates, 2006A) and to the Building CIP
Fund ($352,000) and the encumbrance of the $352,000 in the Building CIP Fund to be
used for future improvements to City buildings for the City of Rosemount.
ADOPTED this 18 day of March, 2009.
ATTEST:
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2009
William H. Droste, Mayor
Amy Domeier, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted Against:
Members Absent: