18-26 - 04-17 - Transfer from General Fund to Equipment Fund Resolution 18-26 April 17, 2018
Member Fonnest introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING THE TRANSFER OF $1,881,420 FROM THE
GENERAL FUND TO THE EQUIPMENT REPLACEMENT FUND
WHEREAS, the General Fund Reserves meets 60% of 2018 expenditures, and
WHEREAS, per Resolution 11-82 states that staff will review with the Council any
amounts above the 60% and recommend proposed uses of the funds; and
WHEREAS, in 2017, permit revenue was at an exceptional high due to record high
number of developments and cost containment from various expenditures from employee
retention, general liability insurance, electric service, and maintenance materials in the
amount above the 60% is $1,966,420; and
WHEREAS, the amount of $85,000 will stay in the General Fund for completing the
Crisis Management Plan for $20,000 and purchase the remaining fire coats for $65,000;
and
WHEREAS, the transfer of $1,881,420 to the Equipment Replacement Fund to help
fund purchases of vehicles and equipment outlined in the 2018-2022 Vehicles and
Equipment Replacement Capital Improvement Fund and to reduce the debt with
eliminating the need to sell certificates of indebtedness to finance the equipment.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley to authorize the transfer of $1,881,420 from the General Fund to the Equipment
Replacement Fund.
1
She rd M. Harris, Mayor
ATTEST:
Kristine A Luedke, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Rosenquist and upon a vote being taken thereon, the following voted in favor thereof:
Clausen, Fonnest, Harris, Rosenquist 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.