HomeMy WebLinkAbout99-60
RESOLUTION 99-60
It, ,,~
IN N E SO RESOLUTION APPROVING GENERAL FUND TRANSFERS TO THE
COLLECTOR STREET FUND AND THE REVOLVING EQUIPMENT FUND
MOTION BY: Ke.D2.oW51<I
SECOND BY:
5CH~Nc.1<..
WHEREAS,
The City of Prior Lake's General Fund balance on December 31, 1998 increased by
$439,431.00 to an amount of $2,254,553.00; and
WHEREAS,
The General Fund balance represents a reserve of 31.6% of the City of Prior Lake's
current 1999 operating budget; and
WHEREAS,
It is the decision ofthe 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. Offset Accelerated Equipment Depreciation Revolving Equipment Fund $100,000.00
as a Result of 1998 Storm Damage Activities
2. Initial Funding for Future Trunk Highway 13 Collector Street Fund $150,000.00
Intersection Improvements
Passed and adopted this 7th day of June, 1999.
YES
NO
X
Mader
Kedrowski
Petersen
Schenck
Wuellner
X
X
{Seal}
16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 1 Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
H:IAUDITlRESTRAN.DOC