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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