ITEM 3.8 Approving Interfund TransfersF
Otsezo
MINNESOTA V
DEPARTMENT INFORMATION
Request for
City Council Action
ORIGINATING DEPARTMENT:
REQUESTOR:
MEETING DATE:
Administration
Dan Jordet, ASD
January 26, 2015
PRESENTER(s):
REVIEWED BY:
ITEM #:
Consent Agenda
Lori Johnson, CA
3.8 Approve Resolution 2015-07
Approving Interfund Transfers
AGENDA ITEM DETAILS
RECOMMENDATION:
It is recommended that the Council adopt the attached Resolution approving the interfund transfer
of monies from the General Fund to the Revolving Capital Improvements Fund
ARE YOU SEEKING APPROVAL OF A CONTRACT? IS A PUBLIC HEARING REQUIRED?
No No
BACKGROUND/JUSTIFICATION:
During discussions on the 2015-2016 Capital Improvements Plan projects were presented to improve
storage space usage in the City Hall/Public Works building and to repair the cold storage building on
95th Street.
The first project would purchase industrial racking for above -the -floor storage freeing floor space in
the garage area. Cost is estimated at $ 4,500. The second project would replace old, deteriorated,
unsafe garage doors on the storage building located at 95th Street and Nashua Avenue. Cost is
estimated at $ 8,000. The combined projects would use $ 12,500.
In addition, the City has received the offer of 50 trees to be donated if the City is able to defray the
cost of transporting and planting them. The cost is set at $ 8,000 for this project. It is recommended
that this amount be transferred from the General Fund to the Park Development Fund.
Sources of funds would be a transfer of excess revenues at the end of 2014 in the General Fund to
the Revolving Capital Improvements Fund. Preliminary results for the 2014 fiscal year show excess
net revenues in the General Fund of approximately $ 503,296. This would sequester the funds and
allow the projects to move forward in 2015 without impact on 2015 finances.
As with all unbudgeted interfund transfer transactions, a resolution approving such transfer must be
adopted by the City Council. A resolution is attached.
SUPPORTING DOCUMENTS: x ATTACHED ❑ NONE
Resolution 2015-07
POSSIBLE MOTION
Please word motion as you would like it to appear in the minutes.
Motion to adopt Resolution 2015-07 authorizing transfer of $ 12,500 from the General Fund to the
Revolving Capital Improvements Fund and $ 8,000 from the General Fund to the Park Development
Fund.
BUDGET INFORMATION
FUNDING: BUDGETED: ❑ YES
Transfer of 2014 excess net revenues from
General Fund. X NO
• ► e :111,
❑ APPROVED AS REQUESTED ❑ DENIED ❑ TABLED ❑ OTHER (List changes)
COMMENTS:
CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2015-07
RESOLUTION APPROVING INTERFUND TRANSFER OF MONIES
WHEREAS, operations in the General Fund of the City of Otsego for fiscal year 2014 have
produced a net excess of revenues; and
WHEREAS, such excess revenues may be used at the discretion of the City Council for
activities and projects beneficial to the City government ; and
WHEREAS, previously unfunded repair and maintenance projects for storage racks and garage
door replacements are needed.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
OTSEGO, WRIGHT COUNTY, MINNESOTA THAT:
Transfer of $ 12,500.00 from the General Fund to the Revolving Capital Improvement
Fund is authorized for the end of the 2014 fiscal year with said funds being authorized for
use in purchase and installation of storage racking at a maximum cost of $ 4,500.00 and
replacement of garage doors at the City's storage facility at a maximum cost of $
8,000.00.
2. Transfer of $ 8,000.00 from the General Fund to the Park Development Fund to defray
the cost of transporting and planting donated trees. The expenditure of funds from the
Park Developemtn Fund is also authorized for that purpose.
ADOPTED by the Otsego City Council this 26th day of January, 2015.
MOTION made by Council Member and SECONDED by Council Member
IN FAVOR:
OPPOSED:
ATTEST:
CITY OF OTSEGO
Vern Heidner, Acting Mayor
Tami Loff, City CLerk