HomeMy WebLinkAbout12-021 EDA Budget Amendment 2012
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 1 2 - 021
RESOLUTION ADOPTING AN AMENDMENT TO THE 201 2 PRIOR LAKE
GENERAL FUND AND ECONOMIC DEVELOPMENT AUTHORITY BUDGET S AND
RESCINDING THE TRANSFER OF FUNDS FROM THE ECONOMIC DEVELOPMENT
FEDERAL AND MINNESOTA REVOLVING LOAN FUNDS TO THE E CONOMIC
DEVELOPMENT AUTHORITY SPECIAL REVENUE FUND
Motion By: Soukup Second By: Keeney
WHEREAS, The Prior Lake Economic Development Authority adopted an amendment to the 201 2
budget on February 13 , 2012 in the amount of $29,800 ; and
WHEREAS, It is understood that to achieve Economic Development Authority objectives some amount
of investment will be necessary, the exact amount of which is not known at this time; and
WHEREAS, Article 10.2 of the EDA bylaws requires that the EDA budget be approved by the Prior
Lake City Council; and
WHEREAS, Funding for the EDA Amendment includes a $16,000 transfer from the General Fund
which will be funded by reducing the General Fund Economic Development budget ; this
results in a zero change in total budgeted expenditures for the General Fund ; and
WHEREAS, The Minnesota Department of Employment and Economic Development (DEED) requires
funds associated with the Federal and Minnesota Revolving Loan Programs be
maintained in separate revolving loan funds.
NOW THEREFORE , BE IT HEREBY RESOLVE D BY THE CITY COUNCI L OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The General Fund budget amendment is hereby approved to reflect a transfer of $16,000 and a
corresponding reduction in the Economic Development budget .
3. The EDA budget amendment is hereby approved in the amount of $29,800.
4. Funds previously transferred under Resolution #11 - 105 for the Economic Develo pment Federal and
Minnesota Revolving Loan Funds are approved to be transferred back to their segregated loan funds as
of September 6, 2011 .
PASSED AND ADOPTED THIS 21st DAY OF FEBRUARY , 201 2 .
YES NO
Myser X Myser
Erickson X Erickson
Hedberg X Hedberg
Keeney X Keeney
Soukup X Soukup
______________________________
Frank Boyles, City Manager