HomeMy WebLinkAboutResolution 2023-42 Authorizing the Transfer of Funds - UpdatedCity of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2023-42
Motion By: Schultz
Seconded By: McKee
A RESOLUTION AUTHORIZING TRANSFER OF FUNDS
May 7 7, 2023
WHEREAS, the City of Corcoran has planned for transferring monies between funds for proper
allocation of resources; and
WHEREAS, monies need to be allocated to their respective funds for current and future needs; and
WHEREAS, the transfers are as follows:
Transfer From
Transfer To
Amount
Description
Shannon Lane
Bridge
Pavement
$0.20
Shannon Lane Fund 417 was closed out in 2019.
Replacement
Fund
Management Fund
Transfer remaining balance to Pavement
(417)
(408)
Management Fund 408
General Fund
(100)
Stormwater Fund
$15,000
2019 Budgeted Amounts that were not
(603)
transferred in 2019
General Fund
(100)
Stormwater Fund
$15,000
2021 Budgeted Amounts that were not
(603)
transferred in 2021
General Fund
(100)
Capital Improvement
$200,000
2021 Budgeted Amount that were not
Fund (416)
transferred in 2021
General Fund
(100)
City Hall Remodel
$20,000
2021 Budgeted Amount that were not
Fund (400)
transferred in 2021
Long -Term
Planning
Long Range Planning
$403,779074
Transfer from general fund appropriation to
Fund (101)
Fund (401)
capital project fund appropriation due to
purpose of funds to be used in future projects.
General Fund
(100)
City Community
$11,467087
Transfer funds to move K-9 expenses and
Events Fund (202)
uniforms to general fund. Going forward, these
expenses will come out of General Fund as
yearly operating costs.
City Community
Police Reserves Fund
$4,575800
Transfer 2021 misapplied receipt to Police
Events Fund
(202)
(201)
Reserves fund. This was regarding a Police
Reserve donation.
General Fund
(100)
Firearm Safety Fund
$131250000
2021 insurance reimbursement misapplied to
(204)
General Fund. Replacement trailer was
expensed in Firearm Safety Fund.
General Fund
(100)
Long Range Planning
$65,217900
After budgeted fund transfers, 2021 has surplus
Fund (401)
of $434,785. Transfer of 15% for 2021 surplus is
recommended by staff. This will assist in any
future projects that the City may have and
decrease bond issuance cost in the future.
General Fund
(100)
Pavement
$65,217800
After budgeted fund transfers, 2021 has surplus
Management Fund
of $434,785. Transfer of 15% for 2021 surplus is
(408)
recommended by staff. This will help plan for
future road improvements and decrease bond
issuance cost in the future.
WHEREAS, the remaining cash reserve in the General Fund (100) will remain as cash reserve in
the fund; and
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City of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION IMU. 2023=42
NOW, THEREFORE, BEIT RESOLVED, by the City Council of the City of Corcoran that the above
funds be transferred.
May 11, 2023
® McKee, Will
® Bottema, Jon
® Nichols, Jeremy
® Schultz, Alan
® Vehrenkamp, Dean
❑ McKee, Tom
❑ Bottema, Jon
❑ Nichols, Jeremy
❑ Schultz, Alan
❑ Vehrenkamp, Dean
Whereupon, said Resolution is hereby declared adopted on this 11 tht" day of May, 2023.
ATTEST
Michelle Friedrich — City Clerk
Mayor
City Seal
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