City Council Meeting Date: September 6, 2016
To: Mayor and City Council
City Administrator
From: Melanie Lammers, Finance Director
Title
Close Fund 461 and transfer residual dollars
Body
Action Requested:
The Northfield City Council approves the attached resolution closing fund 461 and transferring the residual dollars into the General Fund.
Summary Report:
Fund 461 is a temporary capital project fund that was created to house a federal grant for a multi modal crossing project. The project did not progress, and the fund has been inactive for almost two years. There is a residual amount of money (approx. $421,000) in this fund that is primarily from the General Fund. A proposal was made in 2015 to create a multi modal fund with these dollars to fund pedestrian crossings. The resolution was brought to council the beginning of 2016, it did not progress. The projects that have been funded from General Fund transfers in 2016 and were originally slated for Multi Modal fund monies are:
Hwy 3 pedestrian crossings $121,000
Jefferson Pkwy & 246 study $ 85,000
Arbor St Crossing $141,000
Total 2016 Multi modal projects $347,000
After the three projects above, the balance of dollars in the General Fund from the Tiger Grant Fund (461) will be approximately $74,000. We can designate those dollars for pedestrian safety enhancements or other projects that are directed by council. The designation can be changed by council, but will set aside those funds for projects related to pedestrian safety enhancements. The finance policy committee reviewed the requested action and explored other opportunities (listed below in alternative options) at their August 25th meeting.
A closure of a fund that includes the transfer of funds will require a 5/7 majority vote approval.
Alternative Options:
a. Do nothing and allow the General Fund to pay for the projects listed above.
b. Close the fund and transfer the money to the General Fund, but do not designate the exces...
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