HomeMy WebLinkAbout07-102 GF Transfer to Severance Compensation
MOTION BY:
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
4646 Dakota Street S.E.
Prior Lake. MN 55372-1714
RESOLUTION 07-102
RESOLUTION AUTHORIZING GENERAL FUND TRANSFER
TO THE SEVERANCE COMPENSATION FUND
HedberQ
SECOND BY:
LeMair
The City of Prior Lake's General Fund balance on December 31, 2006
increased by a net $979,030.00, after authorized transfers, to an amount of
$5,276,400.00; and
The General Fund balance represents a reserve of 45% of the City of Prior
Lake's current 2007 operating budget; and
It is the decision of the City Council to review, on an annual basis, the
availability of such reserves and to allocate these funds in a manner that
would best serve the community on a long term basis; and
It is recognized by the City Council that it is in the best interest of the City to
maintain a strong General Fund reserve as financial protection for
unexpected emergencies and expenditures that would require contingency
funding.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE that:
1. The recitals set forth above are incorporated herein.
2. The following appropriation transfer from the General Fund balance is hereby authorized
as follows:
Purpose Fund Transfer Amount
Reserve for unfunded OPEB liability Severance Compensation Fund $150,000.00
Passed and adopted this 21st day of May, 2007.
{Seal}
YES
X
X
X
X
X
City J:!Jb
City of Prior Lake
NO
Haugen
Erickson
Hedberg
LeMair
Millar
Haugen
Erickson
Hedberg
LeMair
Millar
www.cityofpriorlake.com
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