HomeMy WebLinkAbout2021-079CITY OF LAIE ELMO
WASHINGTON COUNTY
STATE OF MINNESOTA
RESOLUTION NO.2021-079
A RESOL UTIONAPPRO VING A $378,736.48 PERMANENT FUND
TRANSFER FROM THE GENERAL FUND TO THE VILLAGE FUND TO
FUND DEFICIT AND CLOSE FUND
WHEREAS, the City of Lake Elmo is organized on the basis of funds, each of which is
considered a separate accounting entity. The operations of each fund are accounted for with a
separate set of self -balancing accounts that comprise its assets, liabilities, fund balance/net
assets, revenues and expenditures, or expenses, as appropriate; and
WHEREAS, in 2008 the City of Lake Elmo ordered an alternative urban area wide review (
AUAR) of the Lake Elmo Village area and as such the Village Fund was created to account for
the activity related to the review; and
WHEREAS, the costs of the AUAR review were planned to be paid by developers; and
WHEREAS, the city tracked the revenues generated from the applicable AUAR developer fees
in the General Fund rather than the Village Project Fund. Over time this resulted in a deficit fund
balance in the Village Project Fund; and
WHEREAS, the city of Lake Elmo wishes to transfer funds in the amount of $378,736.48 from
the General Fund to the Village Project Fund to fund the deficit and close out the fund.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LAKE ELMO, The City authorizes the City Staff to make a one-time permanent fund transfer
of $378,736.48 from the General Fund to the Village Fund to eliminate the deficit fund balance,
and to close Fund 413, the Village Fund effective December 31, 2021.
Passed and duly adopted this 6ch day of July, 2021 by the City Council of the City of Lake Elmo,
Minnesota.
Charles Cadenhead, Mayor
ATTEST:
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Jul ohnso Vily Clerk