RESOLUTION NO. 01-01

A RESOLUTION CREATING 2 NEW RESERVE FUND ACCOUNTS AND THE TRANSFERS AND CLOSURES OF 8 OTHER FUNDS

WHEREAS, there has been a need to simplify the budget to make bookkeeping more efficient; and

WHEREAS, the City of Sodaville has taken steps to assure that they [sic] changes are acceptable to the State and Government [sic]

NO, THEREFORE, BE IT HEREBY RESOLVED:

That the City of Sodaville does hereby create two new reserve funds.

1. Capital Acquisition Reserve Fund; this fund will be used for major acquisitions of property or equipment that is in excess of $5,000.00.

2. Major Repair and Maintenance Reserve Fund; this fund will be used for major repairs and maintenance that is in excess of $5,000.00.

In the budget year 2001-2002 the following funds will be transferred in their entirety to the Capital Acquisitions Reserve Fund,

1. Community Development $57,750.00

2. Storm Drainage SDC $10,700.00

3. Water Utility Low Zone Special Area Improvement SDC $6,600.00

4. Water Utility High Zone Special Area Improvement SDC $3,850.00

5. Water Utility Central Facilities Reimbursement SDC $9,695.00

$88,595.00

In the budget Year 2001-2002 the following funds will be transferred in the entirety to the Major Repair and Maintenance Reserve Fund,

1. Water Utility Unrestricted Improvements SDC $2,000.00

2. Water Utility Central Facilities Improvements SDC $36,530.00

3. Water Reserve 2002 $40,000.00

$78,530

All System Development Charges will be tracked internally.

Passed by the Council this 22 day of May, 2001.