99-18RESOLUTION NO. 99-18
CITY OF OTSEGO
COUNTY OF WRIGHT, MINNESOTA
A RESOLUTION TRANSFERRING $145,000 IN
1998 GENERAL FUND BUDGET SURPLUS TO
THE CAPITAL IMPROVEMENT REVOLVING FUND
WHEREAS, the 1998 General Fund budget shows a
surplus of $220,000; and
WHEREAS, the City Council, based on the
recommendation of its financial consultant and
auditor, has determined that $75,000 of this
surplus should be placed into fund balance in order
for the City to maintain adequate financial
reserves; and,
WHEREAS, the City Council has determined that a
sizable portion of the surplus was generated in the
Street Department and was due to unspent street
improvement funds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF OTSEGO, MINNESOTA:
1. That the 1998 General Fund Budget surplus in the
amount of $145,000 is hereby transferred to the
Revolving Capital Improvement Fund, where it is
intended to be spent on improvement projects which
cannot be 100% assessed, but which are determined
to have a benefit to the City.
Dated this 12th day of April, 1999
ATTEST:
V.laZinLeBMea�tf-y, Cit Clerk
CITY OF OTSEGO