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' MEMO TO: MAYOR AND CITY COUNCIL <br />FROM: FINANCE DIRECTOR BRAGER <br />DATE: APRIL 9, 1986 <br />SUBJECT: GREENFIELD PARK GRANT <br />The City obtained a LAWCON Grant for the development of <br />Greenfield Park on October 22, 1984. Construction was <br />completed during 1985. Total costs of the project were <br />$189,558.19 and are detailed in the attached exhibit. These <br />expenditures were matched by a combination of grant monies, <br />city funds, and interest earnings which are also detailed in <br />the attached exhibit. <br />The grant agreement required that the project's revenues and <br />expenditures be segregated from other City funds. <br />Therefore, a separate project fund was created: The <br />Greenfield Park Grant Fund. Pursuant to Council direction <br />the City's share of the grant $92,782.95, was transferred to <br />the project fund from the General Fund, $40,000.00 and the <br />Special Projects Fund, $52,785.95. A Council resolution <br />formally approving this transfer is necessary to complete <br />the paperwork or the project. <br />Additionally, since the project is completed the project <br />fund should be closed. The City Charter provides that the <br />Council shall establish and create funds. As a consequence <br />of this provision, past practice has been that the Council <br />authori,e the closing of funds. <br />RECOMMENDATION: <br />Council consider adopting the attached resolution which <br />authorizes the transfer of matching funds for the Greenfield <br />Park grant and authorize the closing of the Greenfi-id Park <br />Grant Fund. <br />DB/mjs <br />11 <br />