Loading...
HomeMy WebLinkAboutResolution No. 2022-117 Amending 2022 General Fund Budget RESOLUTION NO. 2022-117 AMENDING THE BUDGET FOR THE CITY OF EDINA FOR THE YEAR 2022 WHEREAS, the City Council adopted Resolution No. 2021-115 Setting the 2022 Tax Levy and Adopting the 2022 Operating Budget on December 7, 2021. WHEREAS, the 2021 Annual Comprehensive Financial Report presented to the Council on June 2, 2022, reported an unassigned fund balance in the General Fund of $18,003,259. WHEREAS, the City’s goal is to maintain appropriate financial reserves in the General Fund, and the City Council has adopted a fund balance policy for the General Fund. The fund balance policy establishes a goal of an unassigned fund balance in the General Fund of 42%-47% of the subsequent year’s budgeted property tax revenue. As of December 31, 2021, the City has an unassigned fund balance of $750,482 above this goal range. The policy further states that fund balance above the goal range should be transferred to the Construction Fund to support capital improvements and equipment. NOW THEREFORE BE IT RESOLVED by the City Council of the City of Edina, Minnesota, the 2022 budget is amended to transfer from the General Fund to the Construction Fund $750,482 for capital improvement project cost increases. Passed and adopted by the City Council on December 20, 2022. 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 December 20, 2022, and as recorded in the Minutes of said Regular Meeting. WITNESS my hand and seal of said City this day of , 20 . City Clerk