08-23RESOLUTION NO. 2008-23
CITY OF OTSEGO
COUNTY OF WRIGHT, MINNESOTA
A RESOLUTION APPROVING THE PERMANENT INTERFUND ACCOUNTING
TRANSFERS
WHEREAS, the following accounting transfers have been made at December 31, 2007 to
properly reflect the financing of various projects and related activities of the City, and
WHEREAS, the accounting transfers require the approval of the City Council by a
resolution and to properly document this financing and approval,
WHEREAS, the complete schedule of all accounting transfers, including those included
in the 2007 budget and those previously discussed during the year, are summarized on the
attached,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF OTSEGO,
MINNESOTA THAT THE ACCOUNTING TRANSFERS BE APPROVED.
Adopted by the council this 28th day of April, 2008.
Motioned By: CM Vern Heidner
Seconded By:CM Jessica Stockamp
All in Favor: Mayor Larry Fournier; CM Vern Heidner, CM Jessica Stockamp
and CM Tom Darkenwald
Opposed: NONE
ABSENT: CM Mark Thorsted
4rryuier, Mayor
ra�,-Ho 4n Clerk
City c go
Schep Transfers
For The Year Ended December 31, 2007
1
Transferred
Transferred
Fund
From
To
Description
Building Inspection
250
82,000.00 **'
Budgeted Operating Transfer
General
101
82,000.00
Budgeted Operating Transfer
General
101
154,000.00 """
Budgeted for Capital Equipment
Capital Equipment Revolving
206
154,000.00
needs primarily for Public Works
General
101
40,000.00 ""`
Budgeted transfer for City's share of
1999 Bituminous Overlay Debt Service
316
40,000.00
the capital improvement project
General
101
120,193.00 **"*"" "'
To transfer to carryover monies
Park & Trail Management Special Reve
201
""**"""'*"
120,193.00
to establish fund
Community Development & Building Se
250
187,757.83 xxxxxxx
To transfer resources for
Revolving Capital Improvements
414
xxxxxxx
xxxAAAx
187,757.83
future development
Municipal Building Fund
402
200,782.03 xxx)om
To combine resources
Otsego Municipal Building Fund
441
X00000a
AAAAMA
200,782.03
Quaday Capital Improvement Project
426
198,753.61 xxx)o=
To close portion of the
Quaday Debt Service
365
xxxxxxx
Auuxxxx
198,753.61
capital improvement project to debt service
MSA Capital Projects
403
9,326.66 xxxxxxx
To finance 2007 capital
Maclver/70th Street
427
xxxxxxx
xnAwux
9,326.66
costs of MacIver
Water
601
318,881.36 xxxxxxx
To eliminate operating cash
Sewer
602
X000000c
AAAAxxx
318,881.36
deficit
Waterfront East/Missippi Shores
414
14,015.97 xxxxxxx
To finance 2007 capital
Revolving Capital Improvements
475
X000000c
xxxxxxx
14,015.97
costs of WFE/Miss. Shores
Revolving Capital Improvements
414
42,247.42 x0000=
To finance 2007 engineering/
194/CSAH 37
480
X000000c
xxAwux
42,247.42
preliminary costs
Revolving Capital Improvements
414
8,690.42 x0000=
To record transfer to finance
194 Industrial Park
490
XXX)) c
AAAXY"
8,690.42
projects costs in 2007
SE Utilities Project
444
82,947.19 xxx)o=
To combine remaining balance of the
2006 Street Improvement Fund
485
X000000c
AAAAAAA
82,947.19
SE and Queens Ave. project
MSA Road Collector Fund
403
299,850.00 x000000c
To finance City share of CSAH 42
2006 Street Improvement Fund
485
xxxxxxx
AAAAAJL%
299,850.00
project costs
General
101
177,540.63 r0000=
To reclassify budgeted payment
PW Bldg Lease Bond
385
xxxxxxx
177,540.63
for 2007 debt service costs
X000000c
(This is a reclassification to
X000)ooc
comply with accounting for EDA(PW) bond)
Totals
1,936,986.12
1,936,986.12
The transfer was approved as part of the 2007 budget.
******** The transfer was approved March 10, 2008 Resolution 2008-09
xxx The transfer will be approved by Council resolution on April 28, 2008.
1