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