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