HomeMy Public PortalAbout2020-62 Resolution Approving Assignment of Fund ReservesMember Pederson introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO. 2020-62
RESOLUTION APPROVING ASSIGNMENT OF FUND RESERVES
WHEREAS, for 12/31/19, the fund balance policy goal is $2,002,968 (using 5/12 of 2020 budgeted
expenditures of $4,807,123). The General fund balance at 12/31/19 was $3,051,633 or $1,048,695
above the goal; $320,403 being surplus from 2019 and $334,910 assigned reserves.
BE IT RESOLVED, by the city council of the City of Medina, County of Hennepin, Minnesota,
that the following actions be:
$30,000 be Assigned from General Fund reserves:
- $30,000 to potential Fire Study implementation costs.
$683,785 to remain as Unassigned General Fund reserves balance.
Date: September 15, 2020.
ATTEST:
`�
Jodi M. Gallup, City Clerk
Kathleen Martin, Mayor
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. 2020-62
September 15, 2020