Laserfiche WebLink
R-78- 5-3 A <br />RESOLUTION <br />CITY OF LAKE ELMO <br />WASHINGTON COUNTY, MINNESOTA <br />A RESOLUTION ESTABLISHING, DEFINING, AND RE -APPROPRIATING <br />BUDGET RESERVES FOR THE CITY OF LAKE ELMO, STATE OF <br />MINNESOTA. <br />WHEREAS, the City of Lake Elmo finds the following: <br />1. The City has unappropriate cash reserves; and <br />2. The City will experience substantial expenses <br />that will exceed the annual financial resources <br />in several budget areas; and <br />3. The City must maintain a cash reserve equal to <br />half the annual tax levy. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council, City <br />of Lake Elmo; that all present reserves are redefined and <br />reappropriated as indicated below; and that; the following <br />Appropriated Reserve and Contingency funds are hereby <br />established, defined, and appropriated until further order of the <br />Council. <br />1. Major Planning Contingency Fund - A reserve <br />for pre -engineering planning for all public <br />properties, works, parks, water systems, and <br />surface water systems $20,000.00 <br />2. Maintenance Equipment Sinking Fund - A <br />reserve to accumulate capital for replace- <br />ment or acquisition of Maintenance equip- <br />ment identified in the Capital plan. 60,000.00 <br />3. Emergency Road Maintenance and Road <br />Construction Contingency Fund - A reserve <br />for the City share of collector streets, <br />State Aid Streets, and non -assessable <br />street improvements. 27,045.00 <br />4. Diseased Tree Contingency Fund - A reserve <br />for State mandated diseased tree removal <br />(sanitation) or reforestation. 12,500.00 <br />