City Council Meeting Date: May 20, 2025
To: Mayor and City Council
City Administrator
From: Brenda Angelstad, Finance Director
Title
Consider Resolution Closing Certain City Funds in Conjunction with the 2024 Year End Financial Audit.
Body
Action Requested:
The Northfield City Council to approve the closure of the following funds: 2011A GO Improvement Bond Fund, 2012A GO Improvement Bond Fund, the 2016A Equipment Certificate Bond Fund and the Hiley Neff TIF Fund.
Summary Report:
The request is to close the above noted funds that are no longer needed. The funds are being moved to other similar funds. These fund closures were discussed with our Auditors during the 2024 Audit process.
Alternative Options:
None.
Financial Impacts:
The funds move from the closed funds move to other similar funds. Balance in fund types in total remain unchanged.
Tentative Timelines:
Close Funds prior to 2024 Audit.