HomeMy WebLinkAboutResolution 7690 Closing Permanent Improvement Revolving Fund �O�O CITY OF ORONO
RESOLUTION OF THE CITY COUNCIL
s� NO. 7690
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A RESOLUTION TO CLOSE THE
PERMANENT IMPROVEMENT REVOLVING FUND
WHEREAS,the Permanent Improvement Revolving Fund(406)was created in 1970 to be used
for construction costs of projects until such time that permanent financing is established;
and
WHEREAS,the city has not assessed for street projects within the last two decades; and
WHEREAS,the fund balance is currently at$1,195,084.12 with cash balance at$1,193,608.61
and;
NOW, THEREFORE, BE IT RESOLVED that the Permanent Improvement Revolving Fund
(406)be closed;
BE IT FURTHER RESOLVED that $100,380 will be transferred to the General Fund(101) per
the 2027 budget, $450,000 will be transferred to the Fleet Services Fund(701), $350,000
will be transferred to the IT Services Fund(710), and the remaining of approximately
$293,228.61 will be transferred to the Fire Capital Fund(415).
Adopted by the Ci Council of Orono,Minnesota at a regular meeting held on June 22, 2026.
ATTEST. . CITY OF ORONO
C *st• .u• an, ty Clerk Bob Tunheim, Mayor