HomeMy WebLinkAbout94-27
JrllVNESO~~ RESOLUTION 94-27
RESOLUTION APPROPRIATING GENERAL FUND UNDESIGNATED
BALANCE TO THE EQUIPMENT FUND RESERVE
MOTION BY:
WHEREAS,
KEDROWSKI
SECONDED BY
SCHENCK
the City of Prior Lake needs a required level of its General Fund balance to
provide working capital to sustain operational expenditures prior to tax
settlement; and
WHEREAS,
the City Council has approved a working capital designation of the City's
General Fund Balance equivalent to 30% of the current year's Operating Budget;
and
WHEREAS,
the remaining portion of the General Fund balance is undesignated and represents
available financial resources; and
WHEREAS,
the City of Prior Lake's General Fund balance at December 31, 1993 is
$1,731,775 of which $300,000 represents excess reserves above the working
capital requirement; and
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; and
WHEREAS,
WHEREAS,
the City Council recognizes that the establishment of a revolving equipment fund
would stabilize our debt level associated with equipment certificate financing and
thereby minimize property tax increases.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council that a $300,000.00
appropriation from the General Fund balance to the Equipment Fund is hereby authorized.
BE IT FURTHER RESOLVED that the City Council shall consider future appropriations and designate
their specific use on an annual review basis.
Passed and adopted this MIl day of ~, 1994.
YES
NO
Andren
Greenfield
Kedrowski
Schenck
Scott
{ Seal}
4629 Dakota St. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER