HomeMy WebLinkAboutResolution 5735
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RESOLUTION NO. 5735
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION RECLASSIFYING CERTAIN FUNDS WITHIN THE FINANCIAL STATEMENTS
AND CREATING DEBT SERVICE FUNDS AND A DEVELOPMENT GRANT FUND
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.
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Resolution No. 5735
March 25, 2002
Page 2
F. A Development Grant Fund shall be created and classified as a Special Revenue
fund.
Adopted this 25th day of March 2002.
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Richard SO~~~M~YOr
ATTEST:
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Kathleen F. Miller, City Administrator
SEAL
Motion by: Thomas
Second: Quick
Sonterre: Aye
Stigney: Aye
Quick: Aye
Marty: Aye
Thomas: Aye