21-024/04-20 Authorizing the Transfer of $3,450,000 fro the General Fund to the Pavement Management Debt Service Fund for $2,350,000 and $1,100,000 to the Building Improvement FundDocuSign Envelope ID: BBAD79B4-74B34A87-9663-17B18E7D74C7
RESOLUTION NO.21-24
RESOLUTION AUTHORIZING THE TRANSFER OF $3,450,000 FROM THE GENERAL
FUND TO THE PAVEMENT MANAGEMENT DEBT SERVICE FUND FOR $2,350,000
AND $1,100,000 TO THE BUILDING IMPROVEMENT FUND
WHEREAS, the 2020 Budget was adopted on December 3, 2019 with Resolution
19-67, and amended on February 4 with Resolution 20-17; and
WHEREAS, in 2011, Resolution 11-83 Adopting Fund Balance Year -End
Classifications Policy in Accordance with Governmental Accounting Standards Board
(GASB) 54 that allows Commitments of Fund Balance to be assigned for specific purposes
determined by formal action before year end; and
WHEREAS, the General Fund Reserves meets 60% of 2020 expenditures; and
WHEREAS, the transfer of $2,350,000 to the Pavement Management Debt Service
Fund to redeem the outstanding 2010A bonds and 2011A bonds; and
WHEREAS, the transfer of $1,100,000 to the Building Improvement Fund for future
building needs.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley to authorize the transfer of $3,450,000 from the General Fund to the Pavement
Management Debt Service Fund for $2,350,000 and to the Building Improvement Fund for
$1,100,000.
Adopted by the City Council of Golden Valley, Minnesota this 20th day of April, 2021.
DocuSigned by:
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epar Mcarris, Mayor
ATTEST:
DocuSignedby:
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Theresa Schyma, City Clerk