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CITY OF HUGO <br /> RESOLUTION 2025—23 <br /> RESOLUTION TO CLOSE THE CORONAVIRUS RELIEF FUND AND <br /> TRANSFER INVESTMENT INCOME TO THE STREET CIP FUND <br /> WHEREAS,the City of Hugo maintains a fund accounting system that segregates cash <br /> according to the source and intended use; and <br /> WHEREAS, it is necessary to create fund accounts as needs arise, and to close fund accounts <br /> when those needs no longer exist; and <br /> WHEREAS,the Coronavirus Relief Fund was established in 2020 to track the$1,148,713.00 <br /> received in CARES Act Funding, and was used again in 2021 and 2022 to track the <br /> $1,668,411.91 received in ARPA Funding; and <br /> WHEREAS, as of December 31, 2024, all Coronavirus Relief Funding has been expended and <br /> properly reported; and <br /> WHEREAS,the Governmental Accounting Standards Board (GASB), along with the City's <br /> auditors, recommend closing fund accounts when the intended use of those accounts no longer <br /> exist. <br /> WHEREAS, investment income in the amount of$86,380.48 remained in the Fund; and <br /> WHEREAS,per United States Treasury guidance, interest earned does not need to be remitted <br /> to the Treasury nor used for specific program-related expenditures; and <br /> WHEREAS,the investment income is not restricted for any specific purpose and therefore can <br /> be transferred to any fund designated by the City Council. <br /> NOW THEREFORE, BE IT RESOLVED that the City Council of the City of Hugo authorizes <br /> the closure of the Coronavirus Relief Fund and the transfer of all remaining investment income <br /> to the Street CIP Fund. <br /> Adopted by the City Council of the City of Hugo, Minnesota this 2nd day of , 2025. <br /> Tom Weidt, Mayor <br /> Attested.- <br /> Michele Lindau, City Clerk <br />