19-26 - 04-16 - Transfer from General Fund to Street FundRESOLUTION NO. 19-26
RESOLUTION AUTHORIZING THE TRANSFER OF $1,494,500 FROM THE
GENERAL FUND TO THE STREET RECONSTRUCTION FUND
WHEREAS, the General Fund Reserves meets 60% of 2019 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 2018, permit revenue was higher than budgeted and cost
containment from various expenditures from employee retention, building maintenance,
and professional services in the amount above the 60% is $1,539,500; and
WHEREAS, the amount of $45,000 will stay in the General Fund for the Downtown
Study Scope for $35,000 and document scanning for $10,000; and
WHEREAS, the transfer of $1,494,000 to the Street Reconstruction Fund to lower
the bond size to pay for the 2019 Pavement Management Program. This will reduce the
amount for bond payments in the future and reduce the levy needed to pay back the
bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley to authorize the transfer of $1,494,500 from the General Fund to the Street
Reconstruction Fund.
Adopted by the City Council of Golden Valley, Minnesota this 16th day of April, 2019.
ATTEST:
��-Kristine A Luedke, City Clerk