HomeMy WebLinkAboutResolution 082-2007 RESOLUTION NO. 82-07
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 1, 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(10)ten percent of the general fund expenditures including the use of
the (25)twenty-five percent 2°1 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 2009 Capital per 5 year capital improvement plan 650,025
General Fund Land-proposed purchase of DOT real property 4,000,000
25% Sales &Use Tax 2009 Capital per 5 year capital improvement plan 1,075,500
75% Sales & Use Tax 2009 Capital per 5 year capital improvement plan 1,150,000
Industrial Park 2009 Infrastructure Improvements 500,000
Storm Drainage 2009 proposed Storm Sewer Improvement 480,000
Special Assessment 2009 proposed Streets & Sidewalk Improvement 120,000
Passed and approved this 4th day of December, 2007.
dor f
Odd' inco .•O0 Ii i
s° 414 CO :l r erman Mayor
Atiikla: /112
Thornes, City Clerk