HomeMy WebLinkAboutResolution 95-40RESOLUTION NO. 95-40
RESOLUTION OF THE CITY OF COLUMBIA HEIGHTS, MINNESOTA,
DESIGNATING FUND BALANCE IN THE GENERAL FUNDAND LIBRARY FUND
FOR WORKING CAPITAL
WHEREAS, the majority of revenue for the General Fund and the
Library Fund is received from State aids and property tax
revenue; and
WHEREAS, State aids and property tax revenue are not received
until the last six months of the year; and
WHEREAS, the City Council desires to ensure adequate cash flow
for working capital in the General and the Library funds; and
WHEREAS, when the Library Fund was separated from the General
Fund there was no fund balance transfer from the General Fund
to the Library Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Columbia Heights, Minnesota, that the City will transfer
$200,000 in fund balance from the General Fund to the Library
Fund; and
BE IT FURTHER RESOLVED that forty-five percent (45%) of the
next year's budget in both the General Fund and the Library
Fund will be designated for working capital.
Passed this 14th day of August, 1995.
Offered by:
Seconded by:
Roll call:
Jolly
Peterson
Jolly, Petkoff, Peterson, Sturdevant - aye
Ruettimann - nay
UJo-Anne stu~ent;'L~ncil Secretary