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77't3 <br /> F Agenda Section: 9.8 <br /> REQUEST FOR COUNCIL CONSIDERATION Report Number: 92-310C <br /> Report Date: 6-18-92 <br /> nrifOUNDS <br /> � STAFF REPORT Council Action: <br /> ❑ Special Order of Business <br /> CITY COUNCIL MEETING DATE <br /> June 22, 1992 ❑ Public Hearings <br /> Cl Consent Agenda <br /> ® Council Business <br /> Item Description: Resolution No. 4246 Closing the Legal Defense, Compost Funds and Transferring <br /> the Assets of the Funds to the Municipal Golf Course Fund and Consideration o= <br /> Recnlntinr No 4247 Establishing the Municipal Golf Course Fund <br /> Administrator's Review/Recommendation: <br /> _ t1n <br /> 1-1 <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> SUMMARY; <br /> During 1988, the City established three special funds: <br /> Legal Defense Fund - This fund was established to account for <br /> a property tax levy that was designated to pay the costs of the <br /> City's lawsuit against Williams Pipeline Company. During 1989, the <br /> City agreed to a settlement with Williams Pipeline Company. As <br /> part of this agreement, Williams Pipeline Company agreed to pay the <br /> City $250, 000 for damages and expenses. As a result of this <br /> settlement, $190, 651 was transferred to the General Fund to repay <br /> the General Fund designation for contingencies and to repay the <br /> fund balance of the General Fund. This Fund has a fund balance of <br /> $78, 147 at December 31, 1991. <br /> Compost Fund - The City established this fund to account for a <br /> grant from Ramsey County. The activity in this fund has been <br /> minimal for two years and warrants closure. The balance is $2,519. <br /> Recycling Fund - Established in 1988 to account for a grant from <br /> Ramsey County to operate a recycling program within the City. <br /> During 1990 an additional grant was received from the Metropolitan <br /> Cou Gi-. for recyc-l-In bins. DuP to the failure of Ramsey County to <br /> distribute promised grant funds to the City in 1990, this fund has <br /> a deficit of $7,507 . - <br /> It is recommended that $7, 507 be transferred from the Legal Defense Fund <br /> to the Recycling Fund to zero out that Fund. It is also recommended <br /> that the Legal Defense and Compost Funds be closed and the assets be <br /> transferred into a fund to be called the Municipal Golf Course <br /> Development Fund. <br /> Sama ha Orduno, City dministrator <br /> jiECOMMENDATION; <br /> Motion to waive the reading and adopt Resolution No. 4246 Authorizing An Interfund <br /> Transfer and Closing the Legal Defense and Compost Funds and Transferring the Assets of <br /> Said Funds to the Municipal Golf Course Fund and Resolution No. 4247 Establishing the <br /> Municipal Golf Course Development Fund <br />