HomeMy Public PortalAbout2016-050 Resolution Approving Proposed Transfers and Assignment of Fund ReservesMember Anderson introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO.2016-50
RESOLUTION APPROVING PROPOSED TRANSFERS AND
ASSIGNMENT OF FUND RESERVES
WHEREAS, for 12/31/15, the fund balance goal is $1,772,248 (using 5/12 of 2016 budgeted
expenditures of $4,253,394). The General fund balance at 12/31/15 was $2,391,059 or $618,811
above the goal; $288,108 being surplus from 2015 and the remaining $330,703 reserves.
BE IT RESOLVED, by the city council of the City of Medina, County of Hennepin, Minnesota,
that the following actions be:
$200,000 be Transferred from the General Fund to the following funds:
- Equipment Replacement Fund: $130,000 for Police and Public Works equipment
- Road Fund: $70,000 to assist financing upcoming road projects.
$205,000 be Assigned from General Fund reserves:
- $125,000 for quiet zone at the railroad crossing at Hwy 55 and CR 116.
- $80,000 for potential legal fees.
$40,000 be Reassigned from General Fund reserves:
Reassign $40,000 for health insurance self -insure buy -in (no longer needed) to
retirement liability for post -retirement benefits.
Date: June 21, 2016
ATTEST:
Resolution No. 2016-50
June 21, 2016
Bob Mitchell, Mayor
Scott T. Johnson i Administrator ministrator - Deputy Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member Pederson
and upon vote being taken thereon, the following voted in favor thereof:
Anderson, Cousineau, Martin, Mitchell, Pederson
And the following voted against same:
None
Whereupon said resolution was declared duly passed and adopted.
Resolution No. 2016-50 2
June 21, 2016