2025.06.02 CC Packet-revised - Laserfiche WebLink

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