HomeMy WebLinkAbout2004-193 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 04-193
RESOLUTION AUTHORIZING FUND TRANSFERS TO AND CLOSING OF THE 1997 AND
1998 CONSTRUCTION FUNDS
WHEREAS, in 1997 and 1998 the City Council approved improvement projects and awarded
contracts for the realignment of Otter Lake Road and Service Road, Lakes Addition Street and
Utilities, Lake Drive Trunk Utilities, Apollo Drive Phase I11 and 21st Avenue Utilities, and
WHEREAS, such improvement projects have been completed and contracts have been
finalized, and
WHEREAS, funding for these projects was to have come from a variety of sources including
bonds, general property taxes, Anoka County, transfers from the Area and Unit Fund and the
Stormwater Management Fund, and future special assessments, and,
WHEREAS, no transfers from the Area and Unit Fund and the Stormwater Management Fund
for these projects have not been made to date, and
WHEREAS, there remain deficits in the 1997 and 1998 Construction Funds relating to such
improvement projects, and
WHEREAS, it is in the best interest of the City to make such transfers and to close these project
funds.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Lino Lakes that:
1) The following operating transfers are hereby authorized:
PROJECT FROM FUND TO FUND AMOUNT
Otter Lake Rd Realign 406 457 $ 349,270.30
Otter Lake Rd Realign 422 457 349,270.30
Lakes Addn. Street & Utilities 101 458 141,869.42
Lake Dr. Trunk Utilities 406 458 1,346,607.55
21st Ave. Utilities 406 458 942,417.34
Apollo Dr. Phase III 422 458 231,220.31
2) Following such operating transfers, Funds 457 and 458 are to be closed, with any residual
balances transferred to Fund 406.
Adopted by the Lino Lakes City Council this 20th day of December $04
John .. Berg :on, Mayor
Ann J. Blair, City Clerk
AGENDA ITEM 1G
STAFF ORIGINATOR Al Rolek
MEETING DATE December 20, 2004
TOPIC Consideration Resolution 04 -193 Authorizing Fund
Transfers To And Closing Of The 1997 And 1998
Construction Funds
VOTE REQUIRED
BACKGROUND
Simple Majority
In 1997 and 1998 the City Council approved improvement projects and awarded contracts
for the realignment of Otter Lake Road and Service Road, Lakes Addition Street and
Utilities, Lake Drive Trunk Utilities, Apollo Drive Phase III and 21st Avenue Utilities. The
improvement projects have since been completed and contracts have been finalized.
Funding for these projects was to have come from a variety of sources including bonds,
general property taxes, Anoka County, transfers from the Area and Unit Fund and the
Stormwater Management Fund, and future special assessments. However, the transfers
from the Area and Unit Fund and the Stormwater Management Fund for these projects
have not been made to date.
During the course of planning and final approval of the projects there were changes in
project scope and other factors, such as easement acquisition, that affected the total cost of
the projects. Because of this and because the transfers from the Area and Unit Fund and
the Stormwater Management Fund were not made at the time, deficits remain in the 1997
and 1998 Construction Funds.
It is in the best interest of the City, and sound financial management, to make transfers to
the construction funds to eliminated the deficits and to close the funds for these completed
project. Therefore, staff recommends that the City Council adopt Resolution 04-194 which
authorizes the fund transfers and closes the 1997 and 1998 construction funds.
OPTIONS
1. Adopt Resolution 04-193 Authorizing Fund Transfers To And Closing Of The 1997
And 1998 Construction Funds.
2. Refer back to staff for further review.
RECOMMENDATION
Option 1