HomeMy WebLinkAbout22-045 Authorizing 2021 Year End Transfers
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 22-045
ADOPT RESOLUTION AUTHORIZING 2021 YEAR END TRANSFERS
Motion By: Burkart Second By: Thompson
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
During the process of closing the financial records for 2021, transfers may be
necessary to account for project balances in the construction fund that have
partial funding from the utility funds, balances that can be transferred to a debt
service fund or another project in accordance with the applicable bond
resolution. etc. Transfers may also be necessary to close debt service funds
after final debt service payment has been made, or to consolidate funds.
A building inspections department vehicle was funded from the Equipment
Replacement Fund (F410). However, staff has determined that the General
Fund is the appropriate funding source as the vehicle is funded from building
permit revenue.
Development plan review expenditures were incurred in the Developer
Agreement Fund (F260). A transfer from the General is necessary as such
expenditures should be funded by developer administration fee that is collected
and recorded in the General Fund.
Close Debt Service Fund 558: The final debt service payment was made in
December 2020 for F557 (Debt Service Fund for 2010 Street Project Bond
Issue). The debt service fund can now be closed. Staff is recommending that
these balances be transferred to Fund 562 which is the debt service fund that
was established to pay the GESP capital lease and matures on 6/30/2025.
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 within the
construction fund will minimize future tax levy impact.
Close the Water Storage Fund 505 and transfer all balances to the Trunk
Reserve Fund 502. The funds will be dedicated to future water storage
infrastructure.
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 is hereby authorized and effective as outlined in the tables below,
2
Building Inspections vehicle expenditure from General Fund Reserves as of 9/8/2021:
Funding of development plan review expenditures as of 12/31/2021:
Close Debt Service Fund effective as of 12/31/2021:
Close the Water Storage Fund effective as of 12/31/2021:
Passed and adopted by the Prior Lake City Council this 21st day of March 2022.
VOTE Briggs Thompson Burkart Braid Churchill
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
______________________________
Jason Wedel, City Manager
Project
Expenditure -
Current Fund Amount
Expenditure - Proposed
Fund Description
Building Inspections
Vehicle
F410 -Equipment
Replacement Fund 33,276.02 F101 -General Fund
Modify funding source from Equipment Replacement Fund
to General Fund (matching revenue source with
expenditures)
Project Transfer From Fund Amount Transfer to Fund Description
Debt Service - Boudin 1 2011
Reconstruction
F558 - Street Recon
2011A.1 20,342.81 F562 - GESP Lease
The final debt service payment for Fund 558 was made on
December 15, 2021. Close Fund 558 and transfer all residual
balances to F562