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CITY OF LAKE ELMO <br />WASHINGTON COUNTY <br />STATE OF MINNESOTA <br />RESOLUTION NO.2023-029 <br />A RESOL UTION TO CLOSE UNUSED FUND ACCOUNTS AND TRANSFER ASSETS TO <br />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 319 — Debt Service Fund — 2011 A G.O. Improvement Bonds <br />Fund 425 — Capital Projects Fund — CSAH 19 & Hudson Intersection Improvement <br />Fund 429 — Capital Projects Fund — Inwood & 5th Street Stop Light <br />WHEREAS, it is necessary and appropriate to close the funds and transfer all of the assets in <br />order to eliminate the fund balance 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, 2022 as follows: <br />• Transfer $96,400.78 from fund 319 to fund 324 — Debt Service Fund — 2015A G.O. <br />Bonds to help reduce fund deficit. <br />• Transfer $73,872.41 from fund 101 — General Fund to fund 425 to eliminate deficit and <br />close fund. <br />• Transfer $10,947.94 from fund 101 — General Fund to fund 429 to eliminate deficit and <br />close fund. <br />Passed and duly adopted this 4th day of April, 2023 by the City Council of the City of Lake <br />Elmo, Minnesota. <br />r <br />Charles Cadenhead, Mayor <br />AT ST: <br />Jultyhnsor(_O� Clerk <br />