RES 20-50CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2020-50
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 Community Facilities fund in 2004 to account for the revenues
and expenditures related to the construction of community facilities and amenities in the City; and
WHEREAS, all previous community facilities and amenities projects have been completed; and
WHEREAS, there are no future projects in the Capital Improvement Plan that identify this fund as a source
of funding; and
WHEREAS, the only remaining activity within the fund are scheduled contributions from Three Rivers Soccer
Association (TRSA), which the finance department can properly account for the receipts in a separate fund;
and
WHEREAS, since there is no ongoing purpose for this fund, the Finance Director recommends the fund be
closed with a combination of transfers; 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. That an incoming transfer in the amount of $79,253.02 from the Park Dedication fund is authorized
as an approved funding source for the Norin Landing Improvement Project.
That an outgoing transfer in the amount of $80,000.00 to the Parks Capital Equipment fund for
accumulated contributions from TRSA is authorized.
ADOPTED by the Otsego City Council this 10th day of August, 2020.
MOTION BY: Darkenwald
SECONDED BY:Tanner
IN FAVOR: Stockamp, Darkenwald, Tanner, Warehime, Goede
OPPOSED: None
CITY OF OTSEGO
G%IYW4
Jessica L. Stockamp, Mayor
ATTEST:
Tami M.Loff, City Clerk