HomeMy WebLinkAbout26-050 Resolution Authorizing Funding and Budget Amendments and Transfers East Community Park Phase II Construction ProjectCITY OF LAKEVILLE
RESOLUTION NO.26- 0 50
Resolution Authorizing Funding and Budget Amendments and Transfers
East Community Park Phase II Construction Project, City Project 25-20
WHEREAS, the East Community Park construction project, City Project 25-20, is programmed
in the adopted Lakeville 5-year Capital Improvement Plan (2026-2030).
NOW, THEREFORE; BE IT RESOLVED, by the City Council of the City of Lakeville,
Minnesota:
The estimated project cost is $4,239,860 and anticipated funding sources are listed below. City
staff is hereby authorized to amend the 2026 budgets and/or 2027 budgets (if needed as the project
is completed) and make the appropriate transfers between funds/projects with respect to the project
funding sources up to 10% above the estimated costs. Funding transfers may include loans between
funds to cover engineering and other costs incurred on the project in advance of receiving other
funding.
Funding Sources
Park Bonds Fund (Park Referendum Bonds/Park Dedication Fund)*
Dakota County Funding (Park Bonds Fund)
Stormwater Infrastructure Fund
Water Trunk Fund
Sanitary Sewer Trunk Fund
Total
Total
$ 3,038,111
916,904
89,444
164,411
30,990
$ 4,239,860
* Project costs will be recorded in the Park Bonds Fund. To the extent any bond proceeds remain
from the bonds issued on previous park referendum bond projects, those will be spent first. Once
bond proceeds are expended, and remaining costs not funded by other revenues will be funded
by Park Dedication Funds.
ADOPTED by the Lakeville City Council this 20th day of April 202 .
Lu e M. Hellier, Mayor
Arm Orlofsky, City Clerk