HomeMy WebLinkAboutResolution 2016-37 Dedicating 2015 FundsCity of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2016 -37
Motion By: Thomas
Seconded By: LaFave
May 12, 2016
RESOLUTION DEDICATING 2015 FUNDS TOWARDS INCREASING THE
UNRESTRICTED FUND BALANCE AND DEDICATING FUNDS TOWARDS LONG RANGE
PLANNING
WHEREAS, the City of Corcoran ended the 2015 year with a surplus of $311,432 primarily
due to increased building permit revenue; and
WHEREAS, debt service for the City Hall facility expansion has been completed and the fund
has a remaining balance of $11,145; and
WHEREAS, the fund for the County Road 19 trail project has a remaining balance of
$10,060; and
WHEREAS, the total of the surplus along with the available funds as mentioned above totals
$332,337and the City wishes to dedicate those funds to other needs.
NOW, THEREFORE, BE IT RESOLVED by the Corcoran City Council:
1. An amount of $39,442 be dedicated to eliminate an unfunded liability for
outstanding developer receivables;
2. An amount of $150,000 be dedicated towards increasing the City's unrestricted
fund balance;
3. The remaining balance from the City Hall facility expansion and County Road
19 trail projects totaling $21,205 be transferred to the general fund;
4. The remaining amount above and beyond the previous commitments, including
the remaining funds described in item number three be dedicated to a fund for
long range planning for the City.
VOTING AYE
❑ Guenthner, Ken
❑ Keefe, Mike
® LaFave, Tonya
❑ Hank, Pat
® Thomas, Ron
VOTING NAY
❑ Guenthner, Ken
❑ Keefe, Mike
❑ LaFave, Tonya
❑ Hank, Pat
❑ Thomas, Ron
Whereupon, said Resolution is hereby declared adopted on this 12th day of May, 2016.
ATTEST: Kenneth Guenthner - Mayor
City Seal
Jessica Beise— City Clerk /Administrative Services Coordinator
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