17-025CITY OF SHOREWOOD
RESOLUTION NO. 17 -025
A RESOLUTION APPROVING TRANSFERS OF FUNDS
WHEREAS, the City Council of Shorewood recognizes that, based on new information
from coring roadways included in the Capital Improvement Program for 2017, that the Street
Improvement Fund does not have adequate funds to complete repairs as projected; and
WHEREAS, the City Council has become aware that repairs to the Southshore Center
and Badger Park are desirable to compliment the lacrosse field, create additional parking, and tie
the Southshore Center into Badger Park will require additional funds above the amounts
currently available in the Southshore Center Fund and the Park Improvement Fund;
WHEREAS, the City Council has identified that fund balance in the General Fund over
the policy range of 55 -60% is an appropriate source of funds to resolve remedy these funding
shortfalls;
NOW THEREFORE, BE IT RESOLVED, that the City of Shorewood approves the
following transfers as of December 31, 2016:
1. That the sum of $475,000 be transferred into the Street Improvement Fund
from the General Fund to reimburse that fund for needed repairs.
2. That the sum of $200,000 be transferred into the Park Improvement Fund
from the General Fund to reimburse that fund for the cost of construction.
3. That the sum of $25,000 be transferred into the Southshore Center Fund
from the General Fund to reimburse that fund for needed repairs.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF SHOREWOOD this 13th day of
March, 2017.
ATTEST:
City Administrator
Scott 7 by, ®ay r