HomeMy WebLinkAbout2003-171 Council Resolutionr
CITY OF LINO LAKES
RESOLUTION NO. 03-171
RESOLUTION AUTHORIZING THE CLOSING OF 1996 CONSTRUCTION CAPITAL
PROJECTS FUND
WHEREAS, the 1996 Construction Fund (Fund 456) was established to account for projects
undertaken by the City of Lino Lakes, and
WHEREAS, the projects associated with the 1996 Construction Fund (Fund 456) have been
completed and contracts have been closed and said funds are inactive, and
WHEREAS, it is standard accounting practice to close inactive funds, and
WHEREAS, such funds are closed either to an associated debt service fund or to the fund from
which the funding for the related projects originated in accordance with generally
accepted accounting principals.
NOW, THEREFORE BE IT RESOLVED by the City Council of Lino Lakes, that staff is hereby
authorized to close the following fund and to make residual fund transfers to the associated debt
service fund as follows:
• Funds to be Closed Funds Receiving Residual transfers
1996 Construction Fund (Fund 456) Imp Bond 1996A Debt Service Fund (Fund
314)
Adopted by the City Council of Lino Lakes this 13th day of October, 2003.
Ann Blair, Qiyy Clerk
•
John Bergesen, Ma or
•
•
•
AGENDA ITEM 1C
STAFF ORIGINATOR Al Rolek
MEETING DATE 10/13/03
TOPIC Resolution 03-171 Authorizing the Closing of 1996
Construction Capital Projects Fund
VOTE REQUIRED Simple Majority
BACKGROUND
The City established the 1996 Construction Fund ( Fund 456) to account for the activity
of the Trappers Crossing, Centennial School, Pheasant Hills 7th Addition and Marshan
Condos improvement projects. All of the projects associated with these funds have
been completed and the contracts have been closed out. No further activity is
anticipated in these funds. There is a residual balance in this fund of $738,500.62.
It is standard practice to close inactive funds at the completion of the associated
projects. In accordance with generally accepted accounting principals the funds are to
be closed to the corresponding debt service fund or the fund from which the funding for
the project originated. In this case, the Improvement Bond 1996A Debt Service Fund is
the appropriate fund into which this construction fund should be closed. Therefore, it is
staffs recommendation that the City Council adopt Resolution 03-171 authorizing the
closing of this fund and the residual equity transfer resulting from the closure.
OPTIONS
1. Adopt Resolution 03-171 Authorizing the Closing Of Capital Projects Fund
2. Refer back to Staff for further consideration.
3. Deny Resolution 03-171.
RECOMMENDATION
Option 1