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CITY OF LAIE ELMO <br />WASHINGTON COUNTY <br />STATE OF MINNESOTA <br />RESOLUTION NO.2021-079 <br />A RESOL UTIONAPPRO VING A $378,736.48 PERMANENT FUND <br />TRANSFER FROM THE GENERAL FUND TO THE VILLAGE FUND TO <br />FUND DEFICIT AND CLOSE FUND <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, in 2008 the City of Lake Elmo ordered an alternative urban area wide review ( <br />AUAR) of the Lake Elmo Village area and as such the Village Fund was created to account for <br />the activity related to the review; and <br />WHEREAS, the costs of the AUAR review were planned to be paid by developers; and <br />WHEREAS, the city tracked the revenues generated from the applicable AUAR developer fees <br />in the General Fund rather than the Village Project Fund. Over time this resulted in a deficit fund <br />balance in the Village Project Fund; and <br />WHEREAS, the city of Lake Elmo wishes to transfer funds in the amount of $378,736.48 from <br />the General Fund to the Village Project Fund to fund the deficit and close out the fund. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />LAKE ELMO, The City authorizes the City Staff to make a one-time permanent fund transfer <br />of $378,736.48 from the General Fund to the Village Fund to eliminate the deficit fund balance, <br />and to close Fund 413, the Village Fund effective December 31, 2021. <br />Passed and duly adopted this 6ch day of July, 2021 by the City Council of the City of Lake Elmo, <br />Minnesota. <br />Charles Cadenhead, Mayor <br />ATTEST: <br />z�\s <br />Jul ohnso Vily Clerk <br />