1351 Fund Closure

CITY OF ELGIN, OREGON RESOLUTION 1351 (2015)

Liquidating funds 006 (Police Reserve Fund), 007 (Industrial Park Debt Fund), 008 (Opera House Restoration Fund), 104 (State Revenue Sharing Fund), 403 (Water Tower Debt Fund) with intent to close the next fiscal year

WHEREAS:  The City of Elgin hereby authorizes the Elgin City Council, Elgin Budget Committee and Recorder/Administrator to liquidate funds 006 (Police Reserve Fund), 007 (Industrial Park Debt Fund), 008 (Opera House Restoration Fund), 104 (State Revenue Sharing Fund), 403 (Water Tower Debt Fund)

WHEREAS:  The funds allocated to these accounts will be liquidated for the following reasons:

006 Police Reserve Fund:  $66,793.00:  All funds moved to 004 Emergency Equipment Reserve Fund

007 Industrial Park Debt Fund:  $191,11.04:  All debt assigned to this account will be paid in full as of July 1st, 2015

008 Opera House Restoration Fund:  $634.43:  All restoration has been completed, remaining funds will go to fund 002 Property Fund for future repairs on the facility

104 State Revenue Sharing Fund:  $42,693.72:  All tax revenue assigned to this account will route to fund 001 General Fund

403 Water Tower Debt Fund:  $361,990.06:  All debt assigned to this account will be paid in full as of July 1st, 2015

NOW THEREFORE BE IT RESOLVED THAT: The City of Elgin will continually work towards a clear and concise budget every fiscal year that is easy for all those responsible for passing it to understand it responsibly pay off the City of Elgin’s debt.

PASSED AND ADOPTED this 12th day of May 2015.