HomeMy Public PortalAboutResolutions-2011-53 (2)CITY OF TIFFIN RESOLUTION 2011-53
Resolution Approving Transfer of Enterprise Funds to General Fund
WHEREAS: General Funds for Fiscal Year ending'2010 201 were under funded from Property Tax
Appropriations and various other funding sources due to economic conditions and whatever may be.
WHEREAS: Per Iowa Code Chapter and Section: (IAC, 545-2.5 [ 384, 388 ], Sec. 2.5 [ 5 ])
Utility and Enterprise Funds. A surplus in a utility or enterprise fund may be transferred to any other City fund, except
the Emergency Fund and Road Use Tax Funds, by resolution of the Council. A surplus may exist only after all required
transfers have been made to any restricted accounts in accordance with the terms and provisions of any revenue bonds
or loan agreements relating to the utility or enterprise fund. A surplus is defined as the cash balance in the operating
account or the unrestricted retained earnings calculated in accordance with generally accepted accounting principles in
excess of:
A. The amount of the expense of disbursements for operating and maintaining the utility or enterprise for the preceding
three (3) months, and
B. The amount necessary to make all required transfers to restricted accounts for the succeeding three (3) months
THEREFORE BE IT RESOLVED THAT: City Council desires to transfer the amount of $210,000 from Enterprise Funds
Jo General Funds, $90,000 from Sewer Utility Funds and $120,000 from Water Utility Funds.
THEREFORE: City Council direct 's Mayor and City Clerk / Treasurer to transfer funds as indicated by approval
of vote.
On this 9th day of November 2011 at a regular meeting of Tiffin City Council, Tiffin, Iowa, Council person
Travis Weipert introduced RESOLUTION 2011-53 Resolution Approving Transfer of Enterprise
Funds to General Fund and made a motion for approval. The motion was seconded by Council person
Chris Ball.
AYES: Chris Ball, Jim Bartels, Mark Petersen, Travis Weipert
NAYS: None
ABSENT: Mike Grericke
WHEREUPON, with Four votes for approval, Mayor Phillips declared that Resolution 2011-53 Resolution
Approving Transfer of Enterprise Funds to General Fund be adopted and signified his approval of the
same by affixing his signature thereto.
Attest
Ruth Dem6th, City Clerk
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Passed, and approved this 9th day of November.2011.
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