Agenda Packets - 2002/03/05 - Laserfiche WebLink

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RESOLUTION NO. 5735 RESOLUTION RECLASSIFYING CERTAIN FUNDS WITHIN THE FINANCIAL STATEMENTS AND CREATING DEBT SERVICE FUNDS AND A DEVELOPMENT GRANT FUND CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA WHEREAS, the City Charter, Section 7.09 states that “There shall be maintained in the City treasury a general fund and such other funds as may be required by state law, ordinance, or resolution”; and WHEREAS, there currently exist in the City’s financial statements several funds that should more properly be classified in other sections of the financial statements; and WHEREAS, the City has several bond issues outstanding that need to have funds created for the exclusive purpose of accounting for debt service; and WHEREAS. There exists the need for a Development Grant Fund to account for grants the City may receive without intermingling such grant funds with tax increment financing funds. NOW THEREFORE, BE IT RESOLVED that the City Council of the City of Mounds View that: A. The Community Fund, the Park Dedication Fund, the Special Projects Fund, and the Street Improvement Fund, all currently classified as Special Revenue Funds, should instead be classified as Capital Projects Funds; and B. The Street Lighting Fund and the Surface Water Fund, both currently classified as Special Revenue Funds, should instead be classified as Enterprise Funds; and C. The Surface Water Fund shall be renamed the Storm Water Fund; and D. Tax Increment Financing Districts 1 through 4 Funds, all currently classified as Debt Service Funds, should instead be classified as Special Revenue funds. E. Debt service funds shall be created for the GO Tax Increment Refunding Bonds, Series 1994B; GO Tax Increment Refunding Bonds, Series 1996A; GO Tax Increment Refunding Bonds, Series 1996B; and Tax Increment Revenue Bonds, Series 2001.