2022.04.26 CC Packet - Laserfiche WebLink

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RESOLUTION NO. _____ STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF NEW BRIGHTON RESOLUTION AUTHORIZING A TRANSFER FROM THE GENERAL FUND TO THE COMMUNITY REINVESTMENT FUND AND AMENDING THE 2022 GENERAL FUND BUDGET FOR THE TRANSFER WHEREAS, the City’s Fund Balance Policy includes targeted and minimum balances for the General Fund, and WHEREAS, the targeted balance for the year ending December 31, 2021, is $7,508,050, and WHEREAS, the minimum balance is 35% of the subsequent year’s budgeted operating expenditures, or $6,594,000, and WHEREAS, as of December 31, 2021, the unassigned fund balance of the General Fund is $10,457,281, and WHEREAS, the unassigned fund balance is currently at 55.51% of the subsequent year’s budgeted operating expenditures, and WHEREAS, included in the Fund Balance Policy is a provision to retain an unassigned fund balance between 41% and 45% of the subsequent year’s budgeted expenditures, and WHEREAS, included in the Fund Balance Policy is a provision to utilize the amount in excess of the targeted balance in the subsequent year’s budgets and/or by transferring to other funds, and WHEREAS, as of December 31, 2021, the excess amount is $2,949,231, and WHEREAS, the City’s long‐term financial plans include replenishing reserves as opportunities arise, and WHEREAS, the Community Reinvestment Fund’s reserves are committed for future community projects, improvements, new initiatives and to provide interfund loans and transfers to other funds. NOW THEREFORE, BE IT RESOLVED the Finance Director is authorized and directed to transfer $2,356,100 from the General Fund to the Community Reinvestment Fund. BE IT FURTHER RESOLVED the 2022 General Fund Budget be amended as follows: Increase: Transfer Out to Community Reinvestment Fund $2,356,100