HomeMy WebLinkAboutVIII-09 Approve Fund Closures
City Council Memorandum
To: Mayor Fasbender & City Councilmembers
From: Chris Eitemiller, Finance Manager & Ashley DeBernardi, Assistant Finance Manager
Date: August 19, 2024
Item: Fund Closures
Council Action Requested:
Council is asked to approve Fund closures. These changes will have an effective date of
September 1, 2024.
Background Information:
Fund Closures:
Request authorization to close the following funds:
TIF 5 - NAPA
2013 Equipment Certificates
2012 GO Bonds
2013 GO Bonds
2022 Improvements
2023 Improvements
These funds consist of a TIF district that is being decertified, 3 debt issuance funds that have been paid
off, and 2 capital project funds, where work has been completed.
Any residual amounts in these funds will be transferred to our Debt Redemption fund.
Financial Impact:
None.
Advisory Commission Discussion:
None.
Council Committee Discussion:
None.
Attachments:
• 2023 Fund Closure Resolution
VIII-09
WHEREAS, any residual dollars from the following funds will be transferred to the
debt redemption fund for future council direction;
NOW THEREFORE LET IT BE RESOLVED THAT, the funds are closed as
follows with an effective date of September 1, 2024:
Fund Closures
TIF 5 - NAPA
2013 Equipment Certificates
2012 GO Bonds
2013 GO Bonds
2022 Improvements
2023 Improvements
Adopted this 19th day of August 2024,
Mary Fasbender, Mayor
Attest:
Kelly Murtaugh, City Clerk
CITY OF HASTINGS
DAKOTA COUNTY, MINNESOTA
RESOLUTION ____________
A RESOLUTION CLOSING FUNDS AND ASSOCIATED TRANSFERS
WHEREAS, the Mayor and City Council adopted the 2024 budget on December 4,
2023; and
WHEREAS, there is a need to close funds;
WHEREAS, there is also the need to transfer any residual monies from funds closing;
VIII-09