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Resolution 19-103

The City of Monticello, Iowa

IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA

RESOLUTION #19-103

Approving loan from City General Fund to Water Operating and Storm Water funds.

WHEREAS,     During FY ’19 both the Storm Water Fund and the Water Operating Fund expenses exceeded the available cash in those funds, and

WHEREAS,     The overages were anticipated, with the Storm Water overage being primarily tied to 6th Street Ditch Engineering Fees and the Water Operating overage being primarily tied to repairs to the west well, and

WHEREAS,     From a bookkeeping and accounting standpoint, it is necessary to transfer money to these funds to zero them out at the end of the fiscal year ‘19, with $33,586.24 to be transferred to the Storm Water fund and $40,770.37 transferred to the Water Operating fund, said transfers to be made from General Fund Cash Reserves, with those funds to pay back the General Fund as soon as possible, anticipating the repayment of the loan to the Storm Water fund over the course of FY ’20 and ’21 and repayment of the loan to the Water Operating Fund in FY ’20, and

WHEREAS,     The Council finds the loans to be appropriate and in the best interests of the City and further finds that the loans should be repaid to the General Fund without interest.

NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve two internal loans as explained above, one to the Storm Water fund from the General Fund in the amount of $33,586.24 and one to the Water Operating fund from the General Fund in the amount of $40,770.37, the loan to the Storm Water fund to be paid back over the course of FY ’20 and FY ’21 with the Water Operating loan to be repaid over the course of FY ’20. The City Clerk/Treasurer is directed to account for and oversee the repayment of these two loans.

IN TESTIMONY WHEREOF, I have hereunto subscribed my name and casued the Great Seal of the City of Monticello, Iowa to be affixed hereto.  Done this 15th day of July, 2019.

Brian Wolken, Mayor

Attest:

Sally Hinrichsen,  City Clerk