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Home My WebLink AboutRESOLUTION NO. 2017-58 RESOLUTION NO. 2017-58 A RESOLUTION ESTABLISHING NEW FUNDS, AUTHORIZING REVERSING ENTRIES PER AUDITOR'S REQUEST FOR REVENUE BOND PAYMENTS, AND AUTHORIZING END OF THE YEAR TRANSFERS WHEREAS,the City of Fairfax had the State of Iowa perform the annual audit for FY2016 in March of 2017; and WHEREAS, the auditor is requiring the City establish a Water Debt Service Fund and a Sewer Debt Service Fund; and WHEREAS, the auditor is requiring the city clerk/treasurer reverse any previously authorized transfers from the Water Fund, the SRF Fund, and Sewer Fund to the Regular Debt Service Fund in FY2017 for all revenue bond payments and place those transfers in the correct fund per the bond documents; and WHEREAS, the auditor is requiring the city clerk/treasurer to post all FY2017 revenue bond payments directly from the Water Debt Service Fund, the Sewer Debt Service Fund, or the SRF Fund, as appropriate per the bond documents. WHEREAS, the Sewer Fund has been doing a lot of system improvements since 2015. This has lowered the sewer fund checking account. The City Council authorizes a transfer from the Local Option Sales Tax Fund of up to $70,000 into the sewer fund checking account, if needed by the end of FY2017. WHEREAS, the Local Option Sales Tax Fund can be spent for any lawful purpose. So, the City Council shall review fund balances, projected projects, and budgets in FY2018 to determine if some, all, or none of this transfer must be repaid to the Local Option Sales Tax Fund from the Sewer Fund. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Fairfax, Iowa, that the city clerk/treasurer is directed to establish these new funds and make all authorized entries. BE IT FURTHER RESOLVED, that the Mayor and City Clerk/Treasurer are hereby authorized and directed to execute said resolution. Passed and approved this 13"' day of June, 2017. AYES: Beer, Daly, Kell, Volk, and Wainwright NAYS: None Burnell G. Frieden, Mayor i,'� # s � ATTEST: LA A�Jmm Jon Cyn is K. Stimson, City Clerk/Treasurer