HomeMy WebLinkAbout17-092 2017 Budget Amendment
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 17-092
A RESOLUTION APPROVING AMENDMENT TO THE 2017 GENERAL FUND BUDGET TO
REMOVE MILL & OVERLAY FUNDING AND EXPENDITURES
Motion By: McGuire Second By: Burkart
WHEREAS, The budget was adopted on December 12, 2016; and
WHEREAS, The 2017A Bonds, which will be presented to the Council for approval on June 12,
include the issuance of permanent improvement revolving (PIR) Bonds to finance
the 2017 street mill and overlay projects supported by special assessments. The
bond resolution also includes establishment of the PIR Fund; and
WHEREAS, The funding and expenditures for the mill and overlay project will be accounted for
in the newly created PIR fund; and
WHEREAS, To accurately reflect expenditures and funding on the quarterly financial reports
and for year ending 12/31/2017, the General Fund budget should be amended to
remove the $300,000 funding and $300,000 related expenditure for the mill and
overlay project.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The General Fund budget is amended to remove the $300,000 funding and $300,000
related expenditure for the mill and overlay project.
3. The 2017 budget amendment is as follows:
Fund
2017 Budget
Amendment
General Fund – Remove Mill
& Overlay Bond Proceeds $300,000
General Fund – Remove Mill
& Overlay Expenditures $300,000
Net Impact on General Fund
Balance $0
PASSED AND ADOPTED THIS 12th DAY OF JUNE 2017
VOTE Briggs McGuire Thompson Braid Burkart
Aye ☒ ☒ ☐ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☒ ☐ ☐
______________________________
Frank Boyles, City Manager