HomeMy WebLinkAbout25-036 Resolution - Adopt Resolution Authorizing 2024 Year End Transfers
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4646 Dakota Street SE Prior Lake, MN 55372
RESOLUTION 25-036 AUTHORIZING 2024 YEAR END TRANSFERS Motion By: Hellier Second By: Churchill
WHEREAS, during the process of closing the financial records for 2024, 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; and WHEREAS, WHEREAS,
the final debt service payments were made in Funds 549 and 573 in December 2024. The debt service funds can now be closed, and residual balances transferred as detailed in the table below; and Fund 503 Street Oversize fund balance of $352,362.30 will be transferred to Fund 501 Construction fund as a funding source for the street oversizing costs
on the Marsh Street extension project. Fund 503 Street Oversize fund will be closed after this final transfer is made as the city is no longer collecting street oversizing fees based on the Harstad vs. City of Woodbury case court order.
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 Funds and the Street Oversize fund effective as of 12/31/2024:
M:\2- City Clerk\City Council\Resolutions\2025\25-036 Resolution - Adopt Resolution Authorizing 2024 Year End Transfers.docx 2
Passed and adopted by the Prior Lake City Council this 25th day of March 2025. VOTE Briggs Braid Chuchill Lake Hellier Aye ☒ ☐ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☒ ☐ ☐ ☐
______________________________ Jason Wedel, City Manager