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HomeMy Public PortalAboutResolutIon 2019-11, Authorizing The Treasurer To Transfer Unallocated General Fund Moneys To Capital Improvement Reserve Fund For Certain Capital Project Uses For The City RESOLUTION NO. 2019-11 A RESOLUTION AUTHORIZING THE TREASURER TO TRANSFER UNALLOCATED GENERAL FUND MONEYS TO THE CAPITAL IMPROVEMENTS RESERVE FUND FOR CERTAIN CAPITAL PROJECT USES FOR THE CITY OF RIVERDALE, IOWA WHEREAS, The City Council of the City of Riverdale("City") has indicated its interest utilizing unallocated general fund moneys for necessary capital improvements for the benefit of its citizens; and, WHEREAS, the City has conducted preliminary work sessions and public discussion related to the identification of necessary projects, including meetings held on October 25, 2018, December 6, 2018, and January 17, 2019; and, WHEREAS, the City has determined that it has general fund revenues in excess of those needed for normal city operations,and in preliminary discussions of determination of its Fiscal Year 2020 budget did further find it to be fiscally prudent to transfer initial amounts of said unallocated general fund moneys for specific projects, including street repairs, city hall maintenance, drainage improvements and an emergency reserve, pending further fact-finding, analysis and prioritization determining further and more clearly defined goals and projects; and, WHEREAS, the City is authorized by authority of Chapter 384.7 of the Iowa Code to set aside funds for both current and future capital improvements projects for the benefit of its constituents,and additionally to retain a reasonable amount of unallocated and unbudgeted general fund moneys for unplanned emergencies as a best practice. NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF RIVERDALE, SCOTT COUNTY, IN THE STATE OF IOWA: Section 1. That following its consideration of the certain unallocated general fund moneys, projected operating expenses and general fund revenues, the City Council recommends and directs that the City Clerk Treasurer shall set up the following capital improvement projects in the amounts set forth hereinbelow: a. Havens' Acres Street Improvements Project: $300,000.00 b. Bellingham Road Improvements Projects: $275,000.00 c. City Hall Roof Repairs: $ 50,000.00 d. City Hall Computer Network, Server Project: $ 15,000.00 e. Valley Drive Drainage Improvements Project: $ 10,000.00 Section 2. That in the interest of prudent financial practices the City Council recommends and directs that the City Clerk Treasurer shall set up an emergency reserve fund for the general fund in the amount of$150,000.00 for the purpose of retaining that amount of money for unbudgeted, unplanned-for emergencies,to be used only in the event of a qualified emergency and only by direction of the City Council. Prepared by City Administrator Tim Long March 7, 2019 Resolution 2019-11 Page 2 Allocating General Fund Moneys to the Capital Improvements Reserve Fund Section 3. That as the City Council further assesses community needs and prudent requirements, these amounts may be amended, added to, reduced, or eliminated, or additional projects may be named and funds allocated as the Council deems appropriate and such actions shall be taken by written resolution. Section 4. That the City Clerk Treasurer shall set up said accounts in the City's budgetary software and on the Treasurer's Report for the Council, and shall either directly transfer, or allocate portions of existing financial holdings of the City to these project funds, at their discretion, so as to maximize returns on investments and minimize transfer and account charges. PASSED I A' ' 'OVED this26 flu day of 1 Ch 2019. ATTEST: Michael Bawden, Mayor Ronald Ful erlove, City Clerk Prepared by City Administrator Tim Long March 7, 2019