HomeMy WebLinkAboutResolution No. 2024-62 2024 Budget AmendmentThe 2024 budget is amended to increase the Community Development D
general fund expense budget by $150,000 to manage small area planning; an
from the General Fund to the Construction Fund $530,659 for capital im
projects.
partment's
, a transfer
vement
Passed and adoptpd-by—t ty Council on September 17, 2024.
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ATTESTNitWii,mme
Allison, City Clerk amen B. Hovland, Mayor
RESOLUTION NO. 2024-62
RESOLUTION AMENDING THE BUDGET FOR
THE CITY OF EDINA FOR THE YEAR 2024
Whereas, the City Council adopted Resolution No. 2023-95 Setting the 2024 Tax Levy and
Adopting the 2024 Operating Budget on December 19, 2023.
Whereas, the 2023 Annual Comprehensive Financial Report presented to the Council on
June 18, 2024, reported an unassigned fund balance in the General Fund of $21,240,417.
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, 2023, the City has an unassigned fund
balance of $680,659 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,
as follows:
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 September 17, 2024, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this
day of , 20
Sharon Allison, City Clerk
CITY OF EDINA
4801 West 50th Street • Edina, Minnesota 55424
www.EdinaMN.gov • 952-927-8861 • Fax 952-826-0390