RES 2021-11 Interfund Transfer - Fund 209CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2021-11
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 Collector Streets Reconstruction to account for the revenues
and expenditures for the construction of future arterial collector streets and/or the improvement or
reconstruction of current arterial collector streets as development continues throughout the City; and
WHEREAS, all previous projects in the Capital Improvement Plan 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 is the collection of outstanding special assessment
revenues, 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 remaining
cash 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 Collector Streets Reconstruction fund is authorized with remaining cash balances
and outstanding special assessment balances to be transferred to the Pavement Management
Fund.
2. That the closure transaction be recorded and reflected within the City's 2020 financial records.
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ADOPTED by the Otsego City Council this 22nd day of February, 2021.
MOTION BY: Darkenwald
SECONDED BY: Goede
INFAVOR: Stockamp, Dahl, Darkenwald, Goede and Moores
OPPOSED: none
CITY OF OTSEGO
Jessica L. Stockamp, Mayor
ATTEST:
Audra Et I, City Clerk
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