HomeMy Public PortalAbout2019-29 Resolution Approving Proprosed Transfers and Assignment of Fund Reserves0
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Member Pederson introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO.2019-29
RESOLUTION APPROVING PROPOSED TRANSFERS AND
ASSIGNMENT OF FUND RESERVES
WHEREAS, for 12/31/18, the fund balance policy goal is $1,905,140 (using 5/12 of 2019 budgeted
expenditures of $4,572,338). The General fund balance at 12/31/18 was $3,262,308 or $1,357,168
above the goal; $125,870 being surplus from 2018 and $231,722 assigned reserves.
BE IT RESOLVED, by the city council of the City of Medina, County of Hennepin, Minnesota,
that the following actions be:
$400.000 be Transferred from the General Fund to the following funds:
- Equipment Replacement Fund: $200,000 for Police and Public Works equipment
- Revolving Capital Fund: $200,000 for building maintenance and repairs.
$230.000 be Assigned from General Fund reserves:
- $150,000 to retirement liability for post -retirement benefits.
- $80,000 for potential legal fees.
$495.446 to remain as Unassigned General Fund reserves balance.
Date: May 7, 2019.
ATTEST:
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Jod. . Gallup, City Clerk
Kathleen Martin, Mayor
Resolution No. 2019-29
May 7, 2019
The motion for the adoption of the foregoing resolution was duly seconded by member Albers and
upon vote being taken thereon, the following voted in favor thereof:
Albers, Anderson, DesLauriers, Martin, Pederson
And the following voted against same:
None
Whereupon said resolution was declared duly passed and adopted.
Resolution No. 2019-29 2
May 7, 2019