Loading...
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