HomeMy WebLinkAbout26-044 Adopt Resolution Authorizing 2025 Year End Transfers
4646 Dakota Street SE Prior Lake, MN 55372
RESOLUTION 26-044 RESOLUTION AUTHORIZING 2025 YEAR END TRANSFERS Motion By: Braid Second By: Churchill
WHEREAS, during the process of closing the financial records for 2025, 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 payments were made in Fund 562 in June 2025. The debt service funds can now be closed, and residual balances transferred as detailed
in the table below.
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 12/31/2025:
Passed and adopted by the Prior Lake City Council this 24th day of March 2026. VOTE Briggs Braid Churchill Lake Hellier
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
______________________________ Jason Wedel, City Manager
Transfer From Fund Amount Transfer to Fund Description
F562 – US Bank/GESP
Lease
2,838.48 F568 – 2017 Street and
Capital Improvements
The final debt service payment
for Fund 562 was made on June
13, 2025. Close Fund 562 and
transfer all residual balances to
F568