12-21-2011 Council Agenda - Laserfiche WebLink

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CITY OF LITTLE CANADA RESOLUTION NO. 2011-12- AUTHORIZING CLOSING OF THE FUNDS SPECIFIED BELOW, INITIATE TRANSFERS TO THE NOTED FUNDS, AND ADJUST THE GENERAL FUND OPERATING BUDGET EFFECTIVE DECEMBER 31, 2011 WHEREAS, each year staff evaluates existing funds and identifies those funds in which all activity has concluded and obligations have been satisfied; and WHEREAS, Capital Project and Special Revenue funds should be closed when all activity has concluded; any residual money and all assets should be transferred to the associated debt service fund or a capital project fund reserved for public projects and if a deficit exists, funding must be provided; and WHEREAS, year -end housekeeping budget adjustments and accounting changes are identified as the City closes the prior accounting year. WHEREAS, GASH 54 defines the activity reported in the various governmental funds and is effective for 2011. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Little Canada hereby approves the transfer of any funds as noted, but subject to closing adjustments as needed: FUND AMOUNT TO /FROM 461 Canabury Condos HIA 10,789.33 375 Canabury Condos HIA Debt NOW, THEREFORE, BE IT FURTHER RESOLVED that the following funds be reclassified as of the effective date noted: FUND 462 Canabury Square Condos HIA 463 Fluer Royale Condos HIA FROM Capital Project EFFECTIVE TO DATE Debt Service 4362 1 /1 /11 Capital project Debt Service 4345 l /l /12 NOW, THEREFORE, BE IT FURTHER RESOLVED by the City Council of the City of Little Canada declares that the above referenced transfers shall be effective December 31, 2011. Those voting in favor: Those voting against: Resolution adopted this 21S' day of December, 2011, Attest: Joel Hanson, City Administrator 4 William Blesener, Mayor EXHIBIT A