HomeMy WebLinkAbout02-115 RESOLUTION 02-115
AUTHORIZING GENERAL FUND TRANSFERS TO THE
FUND, BUILDING FUND AND THE REVOLVING
EQUIPMENT FUND
MOTION BY: LEMAIR SECOND BY: PETERSEN
WHEREAS, The City of Prior Lake's General Fund balance on December 31, 2001 increased by
$873,180.00 to an amount of $4,354,441.00; and
WHEREAS, The General Fund balance represents a .reserve of 56.8% of the City of Prior Lake's
current 2002 operating budget; and
WHEREAS, It is the decision of the City Council to review, on an annual basis, the availability of
such reserves and to allocate these funds in a manner that would best serve the
community on a long term basis; and
WHEREAS, It is recognized by the City Council that it is in the best interest of the City to
maintain a strong General Fund reserve as financial protection for unexpected
emergencies and expenditures that would require contingency funding.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, that the
following appropriation transfers from the General Fund balance are hereby authorized as follows:
Purpose Fund Transfer Amount
1. Stabilize funding level Revolving Equipment Fund $100,000.00
2. Offset compensated absence liability Severance Compensation Fund $150,000.00
3. Reserve capital for new city hall facility Building Fund $750,000.00
Passed and adopted this 15th day of July 2002.
YES NO
Haugen X Haugen
Gundlach Gundlach X
LeMair X LeMair
Petersen X Petersen
Zieska X Zieska
{Seal} City Manager~ t/~
City of Prior Lake
16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (952) 447-4230 / Fax (952) 447-4245
R:'~-ESOLUTI~FINARES'x2002\O2.115,DOC AN EQUAL OPPORTUNITY EMPLOYER