HomeMy WebLinkAboutResolution 117-2009 Resolution No. 117-09
Creating Capital Reserves for Governmental Funds
Whereas, the City of Brookings has established Governance Policies & Ends Policies, which
defines, protects, and prioritizes the workings of City Government,
Whereas, Ends Policy I, Financial Stability, Guideline E requires a (5) five year capital
improvement plan,
Whereas, South Dakota Codified Law 9-21-14.1 authorizes municipalities the accumulation of
funds for a period longer than one year for specific capital outlay purposes otherwise authorized by
law,
Whereas, South Dakota Codified Law 9-21-14.2 states such resolution shall be enacted by a
two-thirds vote of the governing body stating clearly the purposes for which the funds are to be
accumulated and the maximum amount that may be accumulated,
Whereas, South Dakota Codified Law 9-21-14.2 further states the funds accumulated shall be
expended within sixty months from the date of the resolution or if the specific purposes for which the
funds are accumulated are deemed no longer necessary, these funds shall revert to the general fund,
Now, Therefore, Be It Resolved, the following capital reserve funds be created for these
governmental funds per the (5) Five Year Capital Improvement Plan and the City Manager with the
approval of the Council be allowed to spend these funds when the need arises:
FUND DESCRIPTION AMOUNT
Solid Waste Collection 2010 5 year capital improvement plan/Automated Truck $200,000
Solid Waste Disposal 2010 -5 year capital improvement plan/Loader $750,000
Solid Waste Disposal 2010- 5 year capital improvement plan/trench 5 $200,000
General Fund Acquisition of Land $2,000,000
General Fund 2010- 5 year capital improvement plan/20I I CIP $771,950
75% Sales & Use Tax 2010- 5 year capital improvement plan/Streets & RR Crossing $2,720,000
25% Sales & Use Tax 2010- 5 year capital improvement plan/portion of 2011 CIP $1,000,000
All other resolutions in conflict herewith are hereby repealed.
Passed and approved this 17`h day of November, 2009.
CITY OF BROOKINGS, SD
Ge
=-9 cirrcN Tim Reed, Mayor
,NS �9_
AAP ,
Shari Thornes, City Clerk /