16-32 - 05-17 - Transfer General Funds Resolution 16-32 May 17, 2016
Member Snope introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING THE TRANSFER OF $1,575,000 FROM
THE GENERAL FUND TO THE TAX ABATEMENT DEBT SERVICE OF
$250,000 AND CAPITAL IMPROVEMENT FUND OF $1,325,000
WHEREAS, the General Fund Reserves meets 60% of 2016 expenditures; and
WHEREAS, the transfer of$250,000 to the Tax Abatement Debt Service Fund
would eliminate the need for the current tax abatement levy; and
WHEREAS, the transfer of$1,325,000 to the Capital Improvement Fund to be used
to lessen the impact on the taxpayers.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley to authorize the transfer of$1,575,000 from the General Fund to the Tax Abatement
Fund of$250,000 and to the Capital Improvement Fund of $1,325,000.
Shepa d Harris, Mayor
ATTEST:
A:e'�
Kristine A Luedke, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Fonnest
and upon a vote being taken thereon, the following voted in favor thereof: Harris, Snope,
Clausen, Fonnest and Schmidgall and the following voted against the same: none
whereupon said resolution was declared duly passed and adopted, signed by the Mayor
and his signature attested by the City Clerk.