HomeMy Public PortalAbout2021-43 Resolution Approving Proposed Transfers And Assignment Of Fund ReservesMember Reid introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO. 2021-43
RESOLUTION APPROVING PROPOSED TRANSFERS AND
ASSIGNMENT OF FUND RESERVES
WHEREAS, for 12/31/20, the fund balance policy goal is $2,541,190 (using 50 percent of 2021
budgeted expenditures of $5,082,380). The General fund balance at 12/31/20 was $3,506,932 or
$965,742 above the goal; $263,820 being assigned reserves.
BE IT RESOLVED, by the city council of the City of Medina, County of Hennepin, Minnesota,
that the following actions be:
$500.000 be Transferred from the General Fund to the following funds:
Equipment Replacement Fund: $100,000 for Police and Public Works equipment
Road Fund: $100,000 for upcoming road projects.
Facility Capital Fund: $300,000 for future fire facility
$200,000 be Assigned from General Fund reserves:
- $200,000 to retirement liability for post -retirement benefits.
Date: July 6, 2021.
Kathleen Martin, Mayor
ATTEST:
Jodi M. Gallup, City Clerk
Resolution No. 2021-43
July 6, 2021
The motion for the adoption of the foregoing resolution was duly seconded by member Cavanaugh
and upon vote being taken thereon, the following voted in favor thereof:
Albers, Cavanaugh, DesLauriers, Martin, Reid
and the following voted against same:
None
Whereupon said resolution was declared duly passed and adopted.
Resolution No. 2021-43 2
July 6, 2021