HomeMy WebLinkAboutResolution 2020 (41) Resolution No. 41 (2020)
ST. ROM�w UNTY RESOLUTION AUTHORIZING FUND BALANCE TRANSFER
1 WHEREAS, the unassigned general fund balance is over targeted range by $2.4 million;
2 and
3
4 WHEREAS, the County Board allocated $500,000 to a new economic development
5 business loan program on July 7, 2020 with budget amendment#2, bringing the available fund
6 balance available to $1.9 million; and
7
8 WHEREAS, the CIP fund has planned projects over the next five years and fund balance
9 can be used to reduce the need for additional debt, thereby saving County taxpayers both debt
10 issuance costs and interest expenses in future years; and
11
12 WHEREAS, a fund balance transfer of$800,000 to the debt service fund to be used to
13 reduce the 2021 tax levy would reduce the total St. Croix County tax levy dollar amount to be
14 nearly equal to the prior year, providing taxpayer relief of$17 for the median home value with a
15 temporarily lowered tax rate for 2021.
16
17 NOW, THEREFORE, BE IT RESOLVED that the St. Croix County Board of
18 Supervisors does authorizes the transfer of funds for the above stated purposes to the accounts
19 listed below:
20
21 General Fund Unassigned Fund Balance 110-0000-000000-59540-00000-00000
22 debit$1,900,000
23 CIP Fund Balance 405-0000-000000-49210-00000-00000
24 credit$1,900,000
Legal-Fiscal-Administrative Approvals:
Legal Note:
Fiscal Impact: Resolution reallocates resources to be used in future budget planning. Resolution
does not authorize any additional expenditures.
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09/15/20 Administration Committee RECOMMENDED
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RESULT: RECOMMENDED [UNANIMOUS]
MOVER: Bob Long, Chair
SECONDER: David Peterson, Supervisor
AYES: Bob Long, Scottie Ard, David Peterson, William Peavey
ABSENT: Carah Koch
Vote Confirmation.
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fob Long Administrat'Jn,Chair�u 9/16/2020
SL Croix County Board of Supervisors Action:
Roll Call -Vote Requirement— Majority of Supervisors Present
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RESULT: ADOPTED AS AMENDED [18 TO 1]
MOVER: Bob Long, Supervisor
SECONDER: Paul Berning, Supervisor
AYES: Schachtner, Anderson, Long, Leaf, Koch, Hall, Berning, Feidler, Ostness, Counter,
Hansen, Ard, Tellijohn, Peterson, Anderson, Achterhof, Tomtschik, Peavey
NAYS: Richard Ottino
This Resolution was Adopted as Amended by the St. Croix County Board of Supervisors on October 6, 2020
Cindy Campbell, County Clerk