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Shakopee City Council
November 21, 2023
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| | | | | | | | | FROM: | Nate Reinhardt, Finance Director | | TO: | Mayor and Council Members |
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| | | | | | | | Subject:
Closing of the Pooled TIF Fund. | | |
| | | | | | | | Policy/Action Requested:
Approve Resolution R2023-136 closing the Pooled TIF Fund (4087) Capital Projects Fund. | | |
| | | | | | | | Discussion:
On April 4, 2023 the City Council approved the use of Pooled TIF Funds, in accordance with the TIF Spending Plan, for River City Centre improvements. All funds have been exhausted and the fund can be closed. | | |
| | | | | | | | Budget Impact:
There is no budget impact, closing the fund will assist the finance department with cleaning up no longer used accounts and funds. Staff is anticipating the implementation of new financial software in 2024 and is currently in the process of consolidating accounts and modifying the accounting structure ahead of that implementation. | | |
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