00-8931r
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RESOLUTION NO. 8931
RESOLUTION AUTHORIZING THE RENAMING OF THE GOLF COURSE FUND THE
RECREATION RESERVE FUND AND DESIGNATING INTEREST EARNINGS OF THE
FUND FOR THE RECREATION ENTERPRISE FUND
WHEREAS, the Ice Arena, Swimming Pool and Miniature Golf of the Recreation
Enterprise Fund are in a deficit position; and
WHEREAS, the City's auditors have recommended to develop a plan to address
the deficits of these operations; and
WHEREAS, the Golf Course Fund has an existing positive fund balance.
NOW, THEREFORE, BE IT RESOLVED by City Council of the City of Richfield
Minnesota as follows:
1. That the Golf Course Fund be renamed the Recreation Reserve Fund.
2. That the interest earnings of up to $100,000 generated annually from the existing fund
balance be designated for use in the Recreation Enterprise Fund.
Adopted by the City Council of the City of Richfield, Minnesota this 11th day of
September, 2000.
~)~
Martin J. K , Mayor
ATTEST: