RES 2022-22 Approving Transfer of FundsCITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2022-22
APPROVING TRANSFER OF FUNDS
WHEREAS, the City of Otsego regulates lawful gambling operations within the City in accordance with
Minnesota Statute §349.213, with the respective regulations being outlined in Title 4, Chapter 7 of the City
Code; and
WHEREAS, the City of Otsego requires permitted organizations to contribute ten percent (10%) of net profits
derived from lawful gambling to a fund administered by the City; and
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 Finance Director recommends that a new dedicated fund be created to accumulate the
contributions; and
WHEREAS, the newly created fund will allow for improved administrative reporting to the State of Minnesota,
development of a budget, and improved tracking of expenditures; and
WHEREAS, contributions accumulated from January 1, 2020 through the date of this resolution will be
transferred to the newly created fund; and
WHEREAS, contributions prior to, have been expended on lawful uses and have been reported to the State
of Minnesota as such; 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 a transfer of funds in the amount of $82,349.07 from the Parks Capital Equipment fund to the
newly created Lawful Gambling fund is authorized.
2. That the transfer of funds be recorded and reflected within the City's 2022 financial records.
ADOPTED by the Otsego City Council this 14th day of March, 2022.
MOTION BY: Darkenwald
SECONDED BY: Dahl
IN FAVOR: Stockamp, Dahl,
OPPOSED: none
Darkenwald,
2
and Goede
CITY OF OTSEGO
Jessica L. Stockamp, Maydr
ATTEST:
Audra Etzei, City Clerk