HomeMy WebLinkAbout01-227 CITY OF LAKEVILLE
RESOLUTION
• Date December 17, .2001 Resolution 01-227
Motion By Luick Seconded By Mulvihill
RESOLUTION AMENDING THE 2001
ECONOMIC DEVELOPMENT REVOLVING LOAN FUND BUDGET
BE IT RESOLVED, by the City Council of the City of Lakeville, Minnesota, that the following
Economic Development Revolving Loan Fund Budget is hereby approved and amended for
the fiscal year ending December 31, 2001.
2001 2001.
ADOPTED ADJUST AMENDED NOTE
Revenues
Principal on ERF loan $ 18,216 $ 18,216
Interest on ERF loan 3,653 3,653
Interest on_Investments 4:,054 - 4,054
.Total Revenues 25,923 - 25,923
Transfer from General Fund - 25,000 25,000 (1)
• Total Revenues and transfers 25,923 25,000 50,923
Expenditures -Capital outlay
Acquisition, Legal, and other costs - 129,994 129,994 (2)
Total Expenditures - 129,994 129,994
Net Increase/(Decrease) 25,923. (104,994) (79,071)
.Fund Balance, January 1 81,078 3,479 84,557 (3)
Fund Balance, December 31 $ 107,001 $ (101,515) $ 5,486
APPROVED AND AMENDED by the City Council of the City of Lakeville, Minnesota,
this 17th day of December, 2001.
CITY OF L KEVILLE
BY: ~ 'l~ii/`
Robert D. John n, Mayor
ST
Charlene Friedges, City erk
l
CITY OF LAKEVILLE
2001 ECONOMIC DEVELOPMENT REVOLVING LOAN FUND' BUDGET AMENDMENT NOTES
• ADJUSTMENT
(1) The Economic Development Revolving Loan Special Revenue Fund
acquired the Downtown Lakeville Cleaners/Car Wash property in 2001.
The General Fund will transfer $25,000 to the Economic Development Loan
Fund in order to finance. the acquisition costs. The Economic Development Loan
Fund will repay the General Fund $15,000 in 2002 and $10,000 in 2003.
Transfer from General Fund 25.000
Increase Fund Balance December 31, 2001 25,000
(2) Increase appropriations for the acquisition of the Downtown Lakeville
Cleaners/Car Wash including legal and clean up costs.
Purchase 120,000
Legal and clean up costs 9'994
Decrease Fund Balance December 31, 2001 129,994
(3) Adjust the budgeted January 1, 2001 Fund Balance to reflect the actual
December 31, 2000 Fund Balance carryforward.
Actual Fund Balance January 1, 2001. 84,557
Budgeted Fund Balance January 1, 2001 (81,078)
Increase Fund Balance January 1, 2001 3,479