98-110
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CITY OF SHOREWOOD
RESOLUTION NO. 98- 110
A RESOLUTION ESTABLISHING
A POLICY ON GENERAL FUND SURPLUSES
WHEREAS, the City's Public Facilities fund has been established as a repository for
anticipated future projects which have been planned but not formally ordered by the City Council;
and
WHEREAS, such projects may include projects with no or inadequate separate funding
sources; and
WHEREAS, such funds are transferred to the proper capital project fund once established
by the City Council; and
WHEREAS, undesignated Public Facilities fund balances are allocated to future capital
improvements projects as specified by the City Council; and
WHEREAS, there is no designated, reliable source of revenue for the Public Facilities
fund.
NOW, THEREFORE BE IT RESOLVED by the Shorewood City Council that a
policy is hereby established:
If on December 31 of each year the General Fund experiences a budget surplus, and if the
General Fund balance is at or above 45% of the ensuing year's budget, then the amount of
the budget surplus, not to exceed $50,000, shall be transferred from the General Fund to
the Public Facilities fund for future capital expenditures.
ADOPTED BY THE CITY COUNCIL of the City of Shorewood this 14th day of
December, 1998.
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, MAYOR
JA
INISTRATOR