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• <br />• <br />• <br />AGENDA ITEM 1D <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE 3/12/01 <br />TOPIC Resolution 2001 -44 Authorizing the Closing of 1994 and <br />1995 Construction Capital Projects Funds <br />VOTE REQUIRED Simple Majority <br />BACKGROUND <br />The City established the 1994 Construction Fund ( Fund 454) to account for the activity <br />of the Country Lakes Estates, Highway 49 and Lake Drive and Hodgson Road <br />Watermain projects. Due to construction overruns and an eminent domain settlement <br />for the George Reiling property this fund has a current fund deficit of $440,942. The <br />1995 Construction Fund (Fund 455) was established to account for the activity of the <br />Woods of Baldwin Lakes II project. This fund has a fund balance of $9,024. All of the <br />projects associated with these funds have been completed and the contracts have been <br />closed out. No further activity is anticipated in these funds. <br />It is standard practice to close inactive funds at the end of an accounting period (ie. <br />12/31/2000). In accordance with generally accepted accounting principals the funds <br />are to be closed to the corresponding debt service fund or the fund from which the <br />funding for the project originated. In the case of both of these funds, the Area and Unit <br />Fund is the appropriate fund into which these construction funds should be closed. <br />Therefore, it is staff's recommendation that the City Council adopt Resolution 2001 -444 <br />authorizing the closing of these funds and the residual equity transfers resulting from <br />the closures. <br />OPTIONS <br />1. Adopt Resolution 2001 -44 Authorizing the Closing Of Capital Projects Funds <br />2. Refer back to Staff for further consideration. <br />3. Deny Resolution 2001 -44. <br />RECOMMENDATION <br />Option 1 <br />