HomeMy WebLinkAbout2022-079RESOLUTION NO. 2022-79
TRANSFER FUND BALANCE TO THE GOVERNMENTAL EQUIPMENT FUND 431 AND THE GOVERNMENTAL
BUILDINGS FUND 411 IN THE AMOUNT OF $2,000,000 AND $3,331,655 RESPECTIVELY, FROM THE CITY AND
ECONOMIC DEVELOPMENT AUTHORITY FUNDS LISTED HEREIN
Section A
WHEREAS, the City Council of the City of Columbia Heights adopted resolution 95-40 establishing a fund
balance threshold for working capital purposes for its General Fund and its Library Fund; and
WHEREAS, the Minnesota Office of the State Auditor has established a similar guideline for cities to apply to all
operating funds generally, because retaining more fund balance that necessary for operations is a burden on
taxpayers; and
WHEREAS, the operating funds of the City and Economic Development Authority (EDA) listed in Exhibit A
currently have fund balance above these thresholds, in the amounts listed in Exhibit A; and
WHEREAS, best financial practices include pairing the one-time source of such available fund balances with
appropriate one-time uses, such as purchases of capital equipment through the City's Governmental
Equipment Fund 431; and
Section B
WHEREAS, the City Council of the City of Columbia Heights adopted resolution 2022-67 establishing a project
budget of $400,000 for fencing at the Columbia Heights Public Safety Center within the Governmental
Buildings Fund 411; and
WHEREAS, the funding source described in resolution 2022-67 for this project is available surplus currently
within the City's General Fund from prior year budgets of the Police Department as listed in Exhibit A; and
Section C
WHEREAS, the EDA carried out a redevelopment project at 3989 Central Avenue NE for multiple public
purposes including securing a site for a new city hall; and
WHEREAS, this project resulted in the EDA receiving certain assets listed in Exhibit A from the developer; and
WHEREAS, not intending to own the new city hall or any of its related assets, the EDA elects to transfer these
assets to the City for construction of the new city hall; and
Section D
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Columbia Heights authorizes the
transfer of fund balance to the Governmental Equipment Fund 431 and the Governmental Buildings Fund 411
in the amount of $2,000,000 and $3,331,655 respectively, from the City and Economic Development Authority
funds listed in attached Exhibit A, in the amounts listed therein, and amends the 2022 budget accordingly.
Passed this 12th day of September 2022
Offered by: Murzyn, Jr.
Seconded by: Novitsky
Roll Call: All Ayes
, 4WII , zz -
L-im-kyor Amada Marquez Simula
Kelli Bourg& s, City
Manager
RESOLUTION NO. 2022-79
EXHIBIT A
Section A. Surplus operating fund balances over working capital policy thresholds
General Fund 101
Special Projects Fund 226
Cable Televison Fund 225
EDA Admin Fund 204
Library Fund 240
Liquor Fund 609
Insurance Fund 884
$ 800,000
225,000
225,000
150,000
150,000
225,000
225,000
Transfer to Governmental Equipment Fund 431 $2,000,000
Section B. Fund balance from prior years Police Department budget surplus
General Fund 101:
Reference Resolution 2022-67 Public Safety Center Fencing $ 400,000
Section C. Fund balance from EDA sale of 3989 Central Avenue NE
EDA Redevelopment Fund 408:
Noncash value of office condominium shell to be constructed 2,115,600
Cash deposited to City Hall Construction Escrow Account at closing 421,748
Cash deposited with EDA at closing, in excess of EDA land cost 394,307
Transfer to Governmental Buildings Fund 411 $3,331,655