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CITY OF LAKE ELMO <br />WASHINGTON COUNTY <br />STATE OF MINNESOTA <br />RESOLUTION NO.2022-048 <br />A RESOLUTION TO CLOSE UNUSED_ FUND ACCOUNTS AND TRANSFER_ - <br />ASSETS TO APPROPRIATE FUND ACCOUNTS <br />WHEREAS, the City of Lake Elmo is organized on the basis of funds, each of which is <br />considered a separate accounting entity. The operations of each fund are accounted for with a <br />separate set of self -balancing accounts that comprise its assets, liabilities, fund balance/net <br />assets, revenues and expenditures, or expenses, as appropriate; and <br />WHEREAS, there is no longer a need to maintain an account for the following activities as <br />transactions related to these funds have ended: <br />• Fund # 316 —Debt Service Fund — 2009B G.O. Improvement Bonds <br />• Fund # 317 —Debt Service Fund — 2010A G.O. Improvement Bonds <br />• Fund # 322 —Debt Service Fund — 2013A G.O. Improvement Bonds <br />• Fund # 328 — Debt Service Fund — 2018A EDA <br />• Fund # 251 <br />— CARES Special Revenue Fund <br />• Fund # 424 <br />— Capital Project Fund - Manning Corridor and Safety Management <br />• Fund # 421 <br />— Capital Project Fund <br />— OV Phase 4 <br />• Fund # 422 <br />— Capital Project Fund <br />— 2018 Street Improvements <br />• Fund # 426 <br />— Capital Project Fund <br />— 2019 Street Project <br />• Fund # 414 <br />— Capital Project Fund <br />— CSAH 15 / CSAH 14 Realignment <br />• Fund # 413 <br />— Capital Project Fund <br />— Village Project <br />WHEREAS, it is necessary and appropriate to close the funds and transfer all of the assets in <br />order to eliminate the fund balances that currently exist in the accounts, <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />LAKE ELMO authorizes the closure of the funds and transferring all of the assets effective, <br />December 31, 2021, as follows: <br />• Transfer all of the assets from fund 316 to fund 321 — Debt Service Fund — 2012B G.O. <br />Improvement Bonds to help reduce fund deficit. <br />• Transfer all of the assets from fund 317 to fund 321 — Debt Service Fund — 2012B G.O. <br />Improvement Bonds to help reduce fund deficit. <br />• Transfer all of the assets from fund 322 to fund 321 — Debt Service Fund — 2012B G.O. <br />Improvement Bonds to help reduce fund deficit. <br />Resolution 2022-048 <br />