RES 12-37CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO. 2012-37
RESOLUTION APPROVING 2011 YEAR END FINANCIAL
ACCOUNTING TRANSFERS AND THE TRANSFER REQUIRED TO
ESTABLISH AN ECONOMIC DEVLOPMENT LOAN FUND IN 2012
WHEREAS, governmental accounting requires that monies dedicated to specific
projects or activities are accounted for in separate funds of the City, and
WHEREAS, the financing of various projects or activities may require the
transfer of monies from one fund to another whether included in the annual
operating budgets or other transfers, and
WHEREAS, it is appropriate for the City Council to review and approve such
interfund transfers as part of its responsibilities for the financial oversight of the
City's resources, and
WHEREAS, prior to completion of the final accounting for the year ended
December 31, 2011, the City Council must officially approve the 2011 interfund
transfer of monies, and
WHEREAS, in April, 2012, the City Council established an Economic
Development Loan Fund with a $150,000 transfer from the Revolving Capital
Improvements Fund, and
WHEREAS, the establishment of the Loan Fund will be recorded in the 2012
financial statements, and
WHEREAS, a schedule of all interfund accounting transfers is included in this
resolution by reference to the attached Exhibit A,
NOW THEREFOE BE IT RESOLVED by the City Council of the City of
Otsego, Wright County, Minnesota that the 2011 year-end financial accounting
transfers and the 2012 transfer to establish the Economic Development Loan Fund
included on the attached exhibit is hereby approved.
MOTION to adopt the resolution made by Council Member HEIDNER
and seconded by Council Member SCHARBER
IN FAVOR: MAYOR STOCKAMP; CM HEIDNER, CM SCHARBER, CM DARKENWALD
OPPOSED: NONE
ADOPTED by the City Council of the City of Otsego this 23t` day of April, 2012.
CITY OF OTSEGO
Jess ca Stockamp, Mayor
Tami Loff, City Clerk
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