HomeMy WebLinkAboutResolution No. 2020-43_Stabilization_Fund
RESOLUTION NO. 2020-43
RESOLUTION AUTHORIZING THE TRANSFER OF UNASSIGNED FUND BALANCE AND
ASSIGNED CONSTRUCTION FUND RESERVES INTO
THE BUDGET STABILIZATION FUND
WHEREAS, the City Council has previously adopted Resolutions setting property tax levies and
transferred unassigned fund balances to the Construction Fund to support capital improvements; and
WHEREAS, the COVID-19 pandemic has caused major disruption to both private and public sector
businesses, including a temporary closure of non-essential private businesses, the City’s Parks & Recreation
enterprises and a partial closure of Edina Liquor; and
WHEREAS, it is expected that the economic impact of business closures and resulting unemployment due to
the pandemic will affect both the City’s current revenue collections and property values, making future tax increases
challenging; and
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.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Edina, Minnesota, that the
following amounts be transferred into 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
TOTAL $4,266,292
Passed and adopted April 21, 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 April 21, 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