12. Resolution 4484 - Special Improvement Funds TransferREPORT TO:
FROM:
SUBJECT:
MEETING DATE:
BACKGROUND:
Mayor Boharski and City Council Members
Amy Robertson, Finance Director
Chris Kukulski, City Manager
Close out excess of 5% balance in SID Revolving Fund
June 7, 1999
This is an annual housekeeping Resolution to allow transferring of
funds which are in excess of 5% of the outstanding debt service for
all SIDs from the SID Revolving Fund to the General Fund. The
reason funds accumulate are 1)once a SID fund is closed, any
delinquent assessments received are placed in the SID Revolving
Fund and 2) the required balance amount declines as our total debt
service declines. Fiscal 1992 is the last year that the City milled for
the SID Revolving Fund. Equity transfers must be done by
Resolution.
RECOMMENDATION: Adoption of this resolution authorizing the transfer of funds to the
General Fund from the SID Revolving Fund.
FISCAL EFFECTS: $12,461.33 funds transferred to the General Fund
ALTERNATIVES: None
C'Q1aV/jW-Q4-
Amy — Z � �4� -, Z �," H. Robertson Chris A. Kukulski
Finance Director City Manager
Report compiled: June 3, 1999
Attachments: none
Post Office Box 1997 • Kalispell, Montana 59903-1997
Telephone (406) 758-7700 • FAX (406) 758-7758
RESOLUTION NO.4484
A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO TRANSFER THE
FUNDS IN EXCESS OF 5% OF THE OUTSTANDING SID DEBT FROM THE SID
REVOLVING FUND TO THE GENERAL FUND
_ WHEREAS, the City has in its SID Revolving Fund an excess balance of S 12,461.33, the
excess accumulated over several years,
WHEREAS said funds are excess of the 51�o authorized by Montana Code, and
WHEREAS, the City is authorized and required to transfer equity from one fund to
another fund only by resolution or ordinance, and
WHEREAS, an appropriate fund to transfer said equity to is the General Fund
NOW, THEREFORE be it resolved by the City Council of the City of Kalispell as
follows:
That the Finance Director is hereby authorized and directed to transfer the afore
mentioned excess fund from the SID Revolving fund to the General Fund.
PASSED AND APPROVED BY THE CITY COLNCIL AND SIGNED BY THE MAYOR OF
THE CITY OF KALISPELL, MONTANA, THIS 7th DAY OF JUKE, 1999.
Wm. E. Boharski
Mayor
ATTEST:
Theresa White
City Clerk