HomeMy WebLinkAbout18-036 2017 Year-End Transfers
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 18-036
A RESOLUTION TO TRANSFER FUNDS AS PART OF THE 2017 YEAR-END CLOSING
PROCESS
Motion By: McGuire Second By: Braid
WHEREAS, The Crest Ave Rehab project (Fund 501-Project TRN14-000002) has bond
proceeds in excess of project costs OF $5,000. The 2014A bond resolution
No. 14-127 indicates that, if upon completion of the Street Reconstruction
Improvements there shall remain any unexpended balance in the Construction
Fund, the balance may be transferred by the Council to the Debt Service Fund
for the Crest Avenue Rehab Street Reconstruction Project.; and
WHEREAS, The City has proceeds from a deferred assessment of $194,357.60 for 1987
and 1991 street improvement projects. The debt associated with the street
projects has been fully paid. Minnesota State Statute 475.61, subd (4a)
provides that any surplus remaining in a debt service fund when the
obligations and interest thereon are paid may be appropriated to any other
general purpose by the municipality.
WHEREAS, Transfers of excess funds to debt service funds help keep the debt service
component of the City’s tax levy flat. Transfer of excess funds to the
construction fund will minimize future tax levy impact.
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 transfer of funds of $5,000 is hereby authorized to be made from the Construction Fund
(501-43500.00 project TRN14-000002) to the 2014A (Crest Avenue Rehab) Bond Debt
Service Fund 561 effective as of January 1, 2017.
3. The transfer of funds of $194,357.60 is hereby authorized to be made from the Debt Service
Fund 551 to the Construction Fund 501 effective December 31, 2017.
PASSED AND ADOPTED THIS 19th DAY OF MARCH 2018
VOTE Briggs McGuire Thompson Burkart Braid
Aye ☒ ☒ ☒ ☐ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☒ ☐
______________________________
Frank Boyles, City Manager