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