HomeMy Public PortalAbout2022-89 - Resolution - Approving Transfers from General FundResolution No. 2022-89
November 1, 2022
Member Albers introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO. 2022-89
RESOLUTION APPROVING PROPOSED TRANSFERS AND
ASSIGNMENT OF FUND RESERVES
WHEREAS, for 12/31/21, the fund balance policy goal is $2,392,524 (using 5/12 of 2022 budgeted
expenditures of $5,742,058). The General fund balance at 12/31/21 was $3,917,932 or $1,525,408
above the goal. $583,979 of the reserve balance is currently assigned.
BE IT RESOLVED, by the city council of the City of Medina, County of Hennepin, Minnesota,
that the following actions be:
$300,000 be Transferred from the General Fund to the following funds:
- Equipment Replacement Fund: $150,000 for Police and Public Works equipment
- Future Fire Facility Fund: $150,000 for future fire expenses.
$63,179 be Assigned from General Fund reserves:
- $33,179 re-assigned from Arrowhead Crossing (completed) to Litigation.
- $30,000 for post-retirement benefits.
$611,429 to remain as Unassigned - General Fund reserves for emergency and
contingency needs.
Date: November 1, 2022
________________________________
Kathleen Martin, Mayor
ATTEST:
_________________________________
Caitlyn Walker, City Clerk
Resolution No. 2022-89 2
November 1, 2022
The motion for the adoption of the foregoing resolution was duly seconded by
member Martin and upon vote being taken thereon, the following voted in favor thereof:
Albers, Cavanaugh, DesLauriers, Martin
And the following voted against same: (Absent: Reid)
None
Whereupon said resolution was declared duly passed and adopted.