HomeMy WebLinkAbout1998-04-20-Resolutions 98-14_Fund Transfer - Gas to General - ForgiveRESOLUTION NO.98-14
FORGIVING A $195,000 ADVANCE FROM THE GAS FUND TO THE GENERAL FUND.
WHEREAS,the Gas Fund made an advance to the General Fund back in the Fiscal Year ending
1995 to help the General Fund balance its budget;and
WHEREAS,the Gas Fund's retained earnings are fairly significant,exceeding the Gas Fund's annual
Revenues;and
WHEREAS,the Gas Fund's unreserved cash balance at the end of the current fiscal year is expected
to be more than 33%of the operating expenditures,a cash balance that is expected to grow by at
least $100,000 a year;and .
WHEREAS,the General Fund's unreserved cash balance is not sufficient to pay back the Gas Fund
the advance,and is not expected to have a sufficient unreserved cash balance to pay back the Gas
Fund,and have enough for cash flow purposes or emergences,for a number of years;and
WHEREAS,the Gas Fund is expected to have excess reserves by the time the General Fund has built
up sufficient reserves to pay the Gas Fund back;
NOW THEREFORE BE IT RESOLVED,that the Waukee City Council hereby forgives the
$195,000 advance the Gas Fund made to the General Fund,in Fiscal Year ending 1995,said money
being put into the General Fund's undesignated,unreserved Fund Balance.
PASSED TIDS 20TH DAY OF APRIL,1998.
AITF.ST,~ntHL
KURT A.RUECKEL,CITY CLERK