95-44Councilmember Black introduced the following resolution and moved its adoption:
RESOLUTION NO. 95-44
RESOLUTION CLOSING THE ROAD & BRIDGE FUND
AND TRANSFERRING RESIDUAL EQUITY TO THE
GENERAL FUND EFFECTIVE DECEMBER 31,1995
WHEREAS, in conformance with generally accepted accounting practices, it is
appropriate to have a limited number of funds created only as necessary for appropriate
fund accounting and,
WHEREAS, the Road and Bridge Fund and the General Fund are both general
operating funds receiving a major portion of their revenues from property taxes and,
WHEREAS, the City's auditing firm, Abdo, Abdo and Eick has recommended that
the City combine the Road and Bridge Fund with the General Fund for accounting
purposes.
NOW, THEREFORE, BE IT RESOLVED by the Otsego City Council that the
Road and Bridge Fund will be closed as of December 31, 1995 and the residual equity will
be transferred to the General Fund.
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember Ackerman and upon vote being taken thereon, the following voted in
favor thereof: Mayor Freske, Councilmembers Black, Heidner, and Ackerman,
and the following voted against the same: none, whereupon said resolution was passed
this 27th day of December, 1995.
ATTEST:
E aine Beatty, City C erk/Zoning A "n.
Norman . reske, Mayor