RES 2023-83 Approving Transfer of Funds Capital Improvements Revolving FundCITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2023-83
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 2024 budget discussions; and
WHEREAS, the City Council will review the future use of any amounts transferred and may determine that the funds be used
for any public purpose; 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 $710,829 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, 2023.
1
ADOPTED by the Otsego City Council this 11th day of December, 2023.
MOTION BY: Dunlap
SECONDED BY: Moores
IN FAVOR: Stockamp, Dahl, Dunlap, Goede, and Moores
OPPOSED: none
CITY OF OTSEGO
.r, ...
ATTEST:
f,.
{r, _ � .
h a .P
p{ g
Audra Etzel, City""Clerk