Resolution - #04-04-097 - 04/27/2004

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Councilmember Elvig introduced the following resolution and moved for its adoption: RESOLUTION #04-04-097 RESOLUTION APPROVING THE TRANSFER OF EXCESS GENERAL FUND REVENUES TO THE EQUIPMENT REVOLVING FUND~ FACILITIES CONSTRUCTION FUND AND THE IMPROVEMENT REVOLVING FUND. WHEREAS, during the year 2003, the Ramsey City Council acted on matters impacting revenue and expenditure budgets of the City's General Fund for items that were not included in the original budget for the year ended December 31, 2003; and WHEREAS, it has been determined that there are excess revenues over and above amounts necessary to meet the fund balance requirements for the year ended December 31, 2003; and WHEREAS, $650,985.94 remained as excess revenues to be transferred from the General Fund at year ended December 31, 2003; and WHEREAS, Resolution 94-02-045 states that excess year-end General Fund revenues will be distributed to the Equipment Revolving Fund (10%), Facilities Construction Fund (40%), and the Public Improvement Revolving Fund (50%); and WHEREAS, $65,098.59 would be transferred to the Equipment Revolving Fund, $260,394.38 to the Facilities Construction Fund, and $325,492.97 to the Public Improvement Revolving Fund. WHEREAS, The City is currently considering the construction of a new City Hall and a Park and Ride Facility; and WHEREAS, a more appropriate transfer of the excess funds would be as such: $65,098.59 to the Equipment Revolving Fund, $485,887.35 to the Facilities Construction Fund, and $100,000 to the Public Improvement Revolving Fund. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: That the Ramsey City Council hereby approves the transfer of excess General Fund Revenues in the amount of $650,985.94 to the Equipment Revolving Fund, the Facilities Construction Fund and the Public Improvement Revolving Fund at the amounts of $65,098.59, $485,887.35 and $100,000 respectively.