RES 20-79CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2020-79
APPROVING TRANSFER OF FUNDS
WHEREAS, the City of Otsego adopted a Fund Balance Policy in April 2011; and
WHEREAS, Section 03.03.07 Paragraph C of the Fund Balance Policy establishes the minimum fund balance
for the City's General Fund as 45% of the subsequent year expenditure budget; and
WHEREAS, the Fund Balance Policy outlines the procedures when the actual fund balance exceeds the
defined minimum; and
WHEREAS, that in the instance where fund balance exceeds the minimum, the excess will be transferred
upon review of the City Council; and
WHEREAS, the City Council has reviewed the transfer of funds throughout the 2021 budget discussions; and
WHEREAS, upon recommendations by the Finance Director, the transfer of funds would aid the financial
stability of the City's Capital Improvement Plan; and
WHEREAS, governmental accounting requires that monies dedicated to specific projects or activities are
accounted for within a separate fund of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OTSEGO, MINNESOTA:
1. That in accordance with the City's Fund Balance Policy, a transfer of funds in the amount of
$932,244 will be made from the City's General Fund in the amounts and to the respective Capital
Project funds as follows:
a. $100,000 to the City Buildings and Property Maintenance Fund (#439)
b. $200,000 to the Trails Management Fund (#202)
c. $632,244 to the Capital Improvements Revolving Fund (#414)
That the transfer of funds will be recorded within the City's financial records for the year ended
December 31, 2020.
ADOPTED by the Otsego City Council this 14th day of December, 2020.
MOTION BY: Tanner
SECONDED BY: Goede
INFAVOR: Tanner, Warehime, Stockamp, Goede, Darkenwald
OPPOSED: None
CITY OF OTSEGO
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v Jessica L. Stockamp, Mayor
ATTEST:
Bethany ting, Deputy c(ty-tierk
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