HomeMy WebLinkAboutResolution 114-2008 RESOLUTION NO. 114-08
CREATING CAPITAL ACCUMULATION 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,
AND WHEREAS, Ends Policy I, Financial Stability, Guideline E requires a (5) five year capital
improvement plan,
AND WHEREAS, Guideline E, requires the (5) five year capital improvement plan is to be not more
than an average of(I 0) ten percent of the general fund expenditures including the use of the (25)twenty-
five percent 2nd penny sales & use funds,
AND 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,
AND 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,
AND 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:
FUND DESCRIPTION AMOUNT
General Fund 2010 Capital per 5 year capital improvement plan 314,525
General Fund 2009 Innovation Campus Infrastructure Financing 2,000,000
25% Sales & Use Tax 2010 Capital per 5 year capital improvement plan 2,090,374
25% Sales & Use Tax 2006-2010 Accumulation fire truck replacement 55,000
(500,000 minus 445,000 2010 truck)
75% Sales & Use Tax 2010 Capital per 5 year capital improvement plan 395,000
75% Sales & Use Tax 2009 Innovation Campus Infrastructure Financing 800,000
75% Sales & Use Tax 2007-2010 Accumulated Railroad Crossing 450,000
Industrial Park 2010 Infrastructure Improvements 200,000
Storm Drainage 2010 proposed Storm Sewer Improvement 300,000
Special Assessment 2010 proposed Streets&Sidewalk Improvement 120,000
Any or all resolutions in conflict herewith are hereby repealed.
Passed and approved this 16th day of December, 2008.
CITY • ;- •OKINGS
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-tc'...,47r' D • unsterman, Mayor
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ari.L.Thornes, City Clerk