HomeMy WebLinkAboutResolution No. 19-197 - Establishing a City Facilities Capital Reserve Fund
RESOLUTION
WHEREAS, Chapter XI., Section 11.09, subdivision 3 of the Rochester Code of Ordinances
provides for the common council to establish “One or more working capital or revolving funds
for financing self-sustaining activities not accounted for through other funds; and
WHEREAS, the Common Council’s 2019 Foundational Principles include “Fiscal
Responsibility and Sustainability;” and
WHEREAS, the Common Council desires to establish a revolving fund to provide for
ongoing capital maintenance to sustain the City’s many governmental facilities.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Rochester,
as follows:
1. The City does hereby approve the establishment of a City Facilities Capital
Reserve Fund.
2. The City’s finance department shall establish in the City’s accounting records a
City Facilities Capital Reserve (CFCR) Fund.
3. Annual payments into the fund shall be budgeted on a “per square foot” or other
appropriate basis to provide for future major capital repair and maintenance of all
tax- supported facilities.
4. To establish said fund for 2020 and the first estimated installment, the Council
authorizes transfer of $1.3 from the “Future Construction” CIP account (1009.C).
This Resolution shall take effect and continue and remain in effect from and after the date
of its passage, approval, and adoption.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS DAY OF , 2019.
PRESIDENT OF SAID COMMON COUNCIL
ATTEST:
CITY CLERK
APPROVED THIS DAY OF , 2019.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)