HomeMy WebLinkAboutResolution 2014-56 - Authorizing Interfund TransferCity of Corcoran September 25, 2014
County of Hennepin
State of Minnesota
RESOLUTION NO. 2014 -56
Motion by: Thomas
Seconded by: Asleson
A RESOLUTION AUTHORIZING AN INTERFUND TRANSFER
WHEREAS, the City initially recorded interfund loans for project costs financed by the
General fund and completed in the Infrastructure Planning and Shannon Lane funds with the
expectation of re- paying the interfund loans with future revenue sources in those funds; and
WHEREAS, the City does not expect sufficient revenue sources to be received by the
Shannon Lane and Infrastructure Planning funds to repay the General fund; and
WHEREAS, the City will record a transfer of the interfund loan balance of $177,929.76
between the General fund and Infrastructure Planning fund; and
WHEREAS, the City will record a transfer of the interfund loan balance totaling $66,310.65
between the General fund and Shannon Lane fund, with the remaining balance to be repaid with
collections of special assessments;
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of
Corcoran, that the described interfund loan transfers are authorized.
DUE TO OTHER FUNDS - INFRASTR
LANE
G 402 -20700
DUE FROM OTHER FUNDS I G 100 -13100 1 (244.240 41) 1
VOTING AYE
❑ Guenthner, Ken
® Asleson, Rich
® Cossette, Tom
Lynch, Diane
® Thomas, Ron
VOTING NAY
El Guenthner, Ken
❑ Asleson, Rich
❑ Cossette, Tom
❑ Lynch, Diane
❑ Thomas, Ron
0.00
Whereupon, said Resolution is hereby declared adopted on this 25th day of September
2014.
- -Av� -
Thomas Cossette - Acting Mayor
City Seal
anie Heinecke — City Clerk