ITEM 3.8B Transfer of FundsOtSeF o
MINNESOTA
DEPARTMENT INFORMATION
Request for
City Council Action
ORIGINATING DEPARTMENT
REQUESTOR:
MEETING DATE:
Administration
City Administrator/Finance Director Flaherty
August 10, 2020
PRESENTER(s)
REVIEWED BY:
ITEM #:
Consent
3.813
STRATEGIC VISION
MEETS:
I THE CITY OF OTSEGO:
X
Is a strong organization that is committed to leading the community through innovative
communication.
Has proactively expanded infrastructure to responsibly provide core services.
Is committed to delivery of quality emergency service responsive to community needs and
expectations in a cost-effective manner.
Is a social community with diverse housing, service options, and employment opportunities.
Is a distinctive, connected community known for its beauty and natural surroundings.
AGENDA ITEM DETAILS
RECOMMENDATION:
City staff is recommending that the City Council approve a resolution approving transfer of funds.
ARE YOU SEEKING APPROVAL OF A CONTRACT?
IS A PUBLIC HEARING REQUIRED?
No
No
BACKGROUND/J USTI ACATION:
The City established the Slabtown Improvements fund to account for the revenues and expenditures
related to the construction of the respective road improvements project (2002), which was mostly financed
by special assessments to the benefitting properties in the project area.
The construction of the road improvements has been completed for many years. The only remaining
activity within the fund is the collection of outstanding special assessment revenue, which the finance
department can properly account for in a separate fund.
Since there is no ongoing purpose for this fund, the Finance Director recommends the remaining fund
balances ($22,794.47) and outstanding special assessment balances ($5,600.82) to be transferred to the
Pavement Management Fund.
SUPPORTING DOCUMENTS ATTACHED:
• Trial Balance — Fund 431
• Resolution 2020-49
POSSIBLE MOTION
PLEASE WORD MOTION AS YOU WOULD LIKE ITTO APPEAR IN THE MINUTES:
Motion to approve Resolution 2020-49 approving transfer of funds.
BUDGET INFORMATION
FUNDING: BUDGETED:
N/A N/A
CITY OF OTSEGO Trial Balance - Detail - Funds with Balances or Activity Page: 38
GL Period: 07/20 Jul 27, 2020 08:17AM
SLAB TOWN W & S
Account
Number
Title
Debit
Amount
Credit
Amount
431-10100
CASH & INVESTMENTS
24,332,17
431-12300
SPECIAL ASSESS REC-DEFERRED
5,600,82
431-22202
UNAVAILABLE REV -ASSESSMENTS
5,600.82-
431-25300
UNRESERVED FUND BALANCE
22,794.47-
431-36100
SPECIAL ASSESSMENTS
1,537.70-
Total SLAB TOWN W & S:
29,932.99
29,932.99-
Net Income:
1,537.70-
CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2020-49
APPROVING TRANSFER OF FUNDS
WHEREAS, governmental accounting requires that monies dedicated to specific projects or activities are
accounted for within a separate fund of the City; and
WHEREAS, the City of Otsego established the Slabtown Improvements fund to account for the revenues and
expenditures related to the respective road improvements project in 2002; and
WHEREAS, the only remaining activity within the fund is the collection of outstanding special assessment
revenue; and
WHEREAS, the respective road improvement project has been completed; and
WHEREAS, the City can account for the future special assessment revenue receipts in a separate fund; and
WHEREAS, the Finance Director recommends the remaining fund balances and outstanding special
assessment balances to be transferred to the Pavement Management Fund; and
WHEREAS, the Otsego City Council has the responsibility to review such transfers of funds as part of their
financial oversight of the City's resources.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OTSEGO, MINNESOTA:
1. The closure of the Slabtown Improvements fund is authorized with remaining fund balances and
outstanding special assessment balances to be transferred to the Pavement Management Fund.
1
ADOPTED by the Otsego City Council this 10th day of August, 2020.
MOTION BY:
SECONDED BY:
IN FAVOR:
OPPOSED:
2
CITY OF OTSEGO
Jessica L. Stockamp, Mayor
ATTEST:
Tami M. Loff, City Clerk