HomeMy WebLinkAbout6.l. Fund Balance Transfer/EncumbranceCITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: March 16, 2004
AGENDA ITEM: Fund Balance Transfer /Encumbrance
AGENDA SECTION:
Consent
PREPARED BY: Jeff May, Finance Director
AGEN
"OR # b �
Resolution
APPROVED BY:
This item is on the agenda to complete the transfer and . redesignation of excess 2003 General Funds
as outlined in the City's Fund Balance Policy (F -7). The .2003 fund: balance in excess of 55 of the
2004 General Fund operating budget is recommended to be used for the purchase of the library land
for Dakota County.. 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 specific use
of the land purchase.
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 THE PURCHASE OF LAND FOR THE DAKOTA COUNTY LIBRARY.
COUNCIL ACTION:
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2004
A RESOLUTION APPROVING THE TRANSFER OF EXCESS GENERAL FUNDS TO
THE BUILDING CIP FUND AND THE ENCUMBRANCE OF THESE FUNDS TO BE
USED FOR THE PURCHASE OF LAND FOR THE DAKOTA COUNTY LIBRARY
WHEREAS, the City Council recognizes the need to transfer funds in excess of 55% of
the 2004 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 fora
specific purpose;
WHEREAS, the City Council recognizes the need to have funds available to purchase
land to be used for the construction of a library in the City of Rosemount.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Rosemount
hereby approves the transfer of $914,000 from the General Fund to the Building CIP
Fund and the encumbrance of the $914,000 in the Building CIP Fund to be used for the
purchase of land for the Dakota County library to be located in the City of Rosemount.
ADOPTED this 16 day of March, 2004.
William H. Droste, Mayor
ATTEST:
Linda J. Jentink, City Clerk
Motion by: Seconded by;
Voted in favor:
Voted Against:
Members Absent: