99-8754r
11
RESOLUTION NO. 8754
RESOLUTION AUTHORIZING THE TRANSFER OF AGENCY RESERVE
MONIES TO THE CAPITAL IMPROVEMENT RESERVE FUND
WHEREAS, it has been determined that the Agency Reserve Fund was
established to cover any funding deficiencies after the Richfield Police Relief
Association was consolidated into the PERA Police and Fire Consolidation Fund
(PFCF); and
WHEREAS, the Richfield PFCF had been determined to be fully funded, and
there is a residual balance in the Agency Reserve Fund of $1,029,600; and
WHEREAS, the City's Attorney has recommended the residual balance be
transferred to the General Fund or other fund designated by the Council.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Richfield, Minnesota, as follows:
1. The Finance Manager is hereby directed to transfer the residual balance of
$1,029,600 in the Agency Reserve Fund to the Capitallmprovem~nt Reserve
Fund.
Adopted by the City Council of the City of Richfield, Minnesota this 9th day of
Aug ust, 1999.
~u
Martin J.. ,ayor
ATTEST:
<1t~a/\ PQ
Thomas P. Ferber, City Clerk