92-7958R6
RESOLUTION NO. 7958
RESOLUTION ESTABLISHING PROCEDURE FOR DEALING WITH
ADDITIONAL 1992 LOCAL GOVERNMENT AIDS PAYMENT
WHEREAS the City of Richfield was certified to receive
$3,015,710 for fiscal year 1992; and
WHEREAS the State of Minnesota has received sales and income
tax revenues which exceed their fiscal year estimate by $30
million; and
WHEREAS the State of Minnesota, under the Local Government
Trust Fund Agreement, will distribute the Local Government Aid to
cities based upon a formula utilizing the 1992 certified base;
and
WHEREAS the City of Richfield may receive approximately
$256,000 in excess Local Government Aid by year-end 1992; and
WHEREAS the State of Minnesota will likely face further
revenue shortfalls in the next two year budget period, including
immediate shortfalls for the year 1993 which could lead to
additional state aid cuts to the City of Richfield; and
WHEREAS the City of Richfield wishes to set aside any payment
received in excess of the certified 1992 Local Government Aid
amount to be used as an offset to future Local Government Aid
cuts to the City of Richfield.
.NOW, THEREFORE BE IT RESOLVED that the City Council of the
City of Richfield does hereby direct the City Manager to place
Local Government Aid funds received for fiscal year 1992 which
are in excess of the certified 1992 Local Government Aid in a
reserve account to be held in a separate investment instrument.
Such funds may only be used at the direct authorization of the
City Council.
u
Adopted by the City Council of the City of Richfield,
Mi nr,c~nta thi c l dth r7av Af DP_C_P_mber 1992.
ATTEST:
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Thomas P. Ferber City Clerk
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Martin J. irs h Mayor