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H/3. Resolution 4802 - Equity Transfersr �of Kalispell City Post office Box 1997.- Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax(406)758-7758 REPORT TO: Mayor Kennedy and City Council Members FROM: Amy Robertson, Finance Director Chris Kukulski, City Manager SUBJECT: Close out excess of 5% balance in SID Revolving Fund MEETING DATE: June 16, 2003 BACKGROUND: 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 Donee 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. RECOMMENDATION: Adoption of this resolution authorizing the transfer of funds to the General Fund from the SID Revolving Fund. FISCAL EFFECTS: $18,146 funds transferred to the General Fund ALTERNATIVES: None Amy H. Robertson Finance Director Report compiled: June 10, 2003 Attachments: none Chris A. Kukulski City Manager RESOLUTION NO.4802 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 $18,146, the excess accumulated over several years, WHEREAS, said funds are excess of the 5% 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: SECTION I: That the Finance Director is hereby authorized and directed to transfer the aforementioned excess fund from the SID Revolving fund to the General Fund. PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF THE CITY OF KALISPELL, MONTANA, THIS 16TH DAY OF JUNE, 2003. Pamela B. Kennedy Mayor I:VIMMU Theresa White City Clerk