HomeMy WebLinkAboutResolution 2022-26 Combine, Close Out and Create FundsCity of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NU. 2022-26
Motion By: Bottema
Seconded By: Nichols
March 241 2022
A RESOLUTION TO COMBINE, CLOSE OUT AND CREATE FUNDS
WHEREAS, the following funds have never been used: Economic Development Authority Fund
(203) and Rolling Hills Rd Project Fund (801),
WHEREAS, Comp Plan Update Fund (800) was last used in 2008 and the funds have been
transferred out to the General Fund;
WHEREAS, the Escrow Fund (500) was established in 2005 to track escrow payments given to
the City and the Investment Control Fund (999) was created in 2009 to separate invested cash;
following GFOA best practices, this is unnecessary as escrows can be tracked in separate
liability accounts and investment can be tracked in a separate asset account, therefore, these
funds shall be combined with the General Fund (100);
WHEREAS, the following funds will be consolidated into a Pavement Management Fund (408)
and tracked in separate departments in order to reorganize and simplify the general ledger:
Asphalt Maintenance Fund (305), Rolling Hills/Larkin Overlay Fund (426), Gleason/66th
Parkway Extension Fund (427), Appaloosa Woods Street Improvement Fund (428), Corcoran
Trail East/West Fund (429), City Center Drive Fund (431) and CSAH 101/105 Ave Fund (432);
NOW THEREFORE BE IT BE RESOLVED, that the Council of the City of Corcoran, County of
Hennepin, State of Minnesota, hereby closes out funds 203, 800 and 801, combine funds 500
and 999 into the General Fund, and combine funds 305, 426, 4271 428, 429, 431 and 432 into a
newly created Pavement Management Fund.
VOTING AYE
®
McKee, Tom
® Bottema, Jon
® NicholsJere , my
® Schultz, Alan
® Vehrenkamp, Dean
VOTING NAY
❑ McKee, Tom
❑ Bottema, Jon
❑ Nichols, Jeremy
❑ Schultz, Alan
❑ Vehrenkamp, Dean
City of Corcoran
County of Hennepin
State of Minnesota
Whereupon, said Resolution is hereby declared
ATTEST:
P�
Beise`�Administrative Services Director
RESOLUTION NU. 2022-26
adopted on t
Tom McKee
Page 2 of 2
his 24t" day of
=- Mayor
March 24, 2022
2022.
City Seal