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HomeMy WebLinkAboutResolution 90-52RESOLUTION NO. 90-~2 BEING A RESOLUTION TRANSFERRING FUND BALANCES TO DESIGNATED FUNDS Whereas, the City of Columbia Heights has accumulated a fund balance in the General Fund and the Liquor Fund for the purpose of funding future capital equipment within the City, and, Whereas, these funds would be more appropriately accounted for in a separate fund designated for the purpose in which they were accumulated, and, Whereas, as the City Council has established a Capital Equipment Replacement Fund dedicated for the future replacement of equipment, NOW, THEREFORE, BE IT RESOLVED that the Columbia Heights City Council does hereby authorize the transfer of $1,000,000 from the General Fund and $1,000,000 from the Liquor Fund to the Capital Equipment Replacement Fund as fund balance designated for equipment replacement, and, NOW, THEREFORE, BE IT FURTHER RESOLVED that any designated fund balance in the Capital Equipment Replacement Fund shall require a four-fifths vote to expend or transfer funds. Offered by: Seconded by: Roll Call: Peterson Ruettimann Peterson, Ruettimann - aye Cterkin, Nawrocki, Carlson - nay MOTION FALLS - REQUIRES FOUR-FIFTHS VOTE TO TRANSFER FUNDS Edward M. Carlson, Mayor jo-anne student, council Secretary