HomeMy WebLinkAbout23-039 Adopt Resolution Authorizing 2022 Year End Transfers
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 23-39
A RESOLUTION AUTHORIZING 2022 YEAR END TRANSFER
Motion By: Burkart Second By: Braid
WHEREAS, During the process of closing the financial records for 2022, 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.
WHEREAS, The final debt service payment was made in Fund 569 in December 2022. (Debt
Service Fund for 2017 Mill & Overlay Improvement Bond Issue). The debt
service fund can now be closed. A transfer of $11,721.39 will close out all
residual balances. The funds will be transferred to Fund 450 which is the
Permanent Improvement Revolving (PIR) Fund for street overlay projects.
These funds can be applied toward future street overlay project costs.
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,
Close Debt Service Fund effective as of 12/31/2022:
Passed and adopted by the Prior Lake City Council this 20th day of March 2023.
VOTE Briggs Braid Burkart Churchill Lake
Aye ☒ ☒ ☒ ☒ ☐
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☒
______________________________
Jason Wedel, City Manager
Project Transfer From Fund Amount Transfer to Fund Description
Debt Service - 2017 Mill and
Overlay Improvements
F569 - 2017 Mill and
Overlay
Improvements
11,721.39 F450 -PIR Fund for Street Overlay
Projects
The final debt service payment for Fund
569 was made on December 15, 2022.
Close Fund 569 and transfer all residual
balances to F450.