HomeMy WebLinkAboutResolution No. 2020-109_Budget_Stabilization_Fund_AmendmentRESOLUTION NO. 2020-109
RESOLUTION AMENDING THE SOURCE OF FUNDS TRANSFERRED INTO
THE BUDGET STABILIZATION FUND
WHEREAS, the City has created a Budget Stabilization Fund to account for reserves needed to help
cover any potential 2020 budget shortfalls and to preserve future spending/service options in 2021
when increasing the City’s tax levy may not be advisable or feasible; and
WHEREAS, it has since been determined that the source of funds for the Park Signage Program was
Park Dedication fees which can only be used for the acquisition and development or improvement of
parks and related infrastructure; and
WHEREAS, an alternative source of funds to replace the Park Dedication fees in the Budget
Stabilization Fund are a portion of the reserves for Arden Park that remain from the 2017 General
Fund surplus; and
WHEREAS, the funds for the Park Signage Program shall be reallocated to Arden Park to replace
those funds transferred to the Budget Stabilization Fund; and
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Edina, Minnesota, that
the following amendment be made to the Budget Stabilization Fund:
2016 General Fund Surplus $1,429,130
2017 General Fund Surplus $ 619,771
2019 General Fund Surplus (est.) $1,300,000
Building Maintenance $ 500,000
Edinborough Park Plaza $ 179,000
Park Signage Program $ 238,391
Arden Park $ 238,391
TOTAL $4,266,292
Passed and adopted by the City Council on October 20, 2020.
ATTEST:
Sharon Allison, City Clerk James B. Hovland, Mayor
STATE OF MINNESOTA )
COUNTY OF HENNEPIN )SS
CITY OF EDINA )
CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that
the attached and foregoing Resolution was duly adopted by the Edina City Council at its Regular
Meeting of October 20, 2020, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of , 20 .
City Clerk