HomeMy WebLinkAboutResolution No. 2023-62 Amending the Budget for the city of Edina 2023ATTEST:
RESOLUTION NO. 2023-62
RESOLUTION AMENDING THE BUDGET FOR
THE CITY OF EDINA FOR THE YEAR 2023
Whereas, the City Council adopted Resolution No. 2022-109 Setting the 2023 Tax Levy and
Adopting the 2023 Operating Budget on December 20, 2022.
Whereas, the 2022 Annual Comprehensive Financial Report presented to the Council on June 20,
2023, reported an unassigned fund balance in the General Fund of $19,878,774.
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, 2022, the City has an unassigned fund
balance of $1,163,280 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:
The 2023 budget is amended to increase the Community Developmen
general fund expense budget by $200,000 to manage small area plannin
from the General Fund to the Construction Fund $963,280 for capita
projects.
Passed and adopte by.t e)City Council on September 19, 2023.
epartment's
nd, a transfer
rovement
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 September 19, 2023, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of , 20
City Clerk
CITY OF EDINA
4801 West 50th Street • Edina, Minnesota 55424
www.EdinaMN.gov • 952-927-8861 • Fax 952-826-0389