RES 20-48CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2020-48
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 Odean Improvements fund to account for the revenues and
expenditures related to the construction of the Odean Avenue Improvements project in 1998; 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 Odean 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: Darkenwald
SECONDED BY: Tanner
IN FAVOR: Stockamp, Darkenwald, Tanner, Goede, Warehime
OPPOSED: None
W
CITY OF OTSEGO
Jessica L. Stockamp, Mayor
ATTEST:
Tami M. Loff, City Clerk