RES 2022-95 Approving Transfer of FundsCITY %J OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2022-95
APPROVING TRANSFER OF FUNDS
WHEREAS, the City of Otsego has an adopted Fund Balance Policy; 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 2023 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
$1,266,290 will be made from the City's General Fund to the Capital Improvements Revolving Fund.
2. That the transfer of funds will be recorded within the City's financial records for the year ended
December 31, 2022.
ADOPTED by the Otsego City Council this 12th day of December, 2022,
MOTION BY: Moores
SECONDED BY: Dahl
IN FAVOR: Stockamp,
OPPOSED: none
Dahl, Darkenwald,
and Moores
CITY OF OTSEGO
Jessica L. Stockamp, Mayo
ATTEST:
P,,.,
Audra Etzel,i y Clerk