Item Coversheet

*4.A.3.


Shakopee City Council
November 21, 2023

FROM:Nate Reinhardt, Finance Director
TO:Mayor and Council Members
Subject:
Closing of the Local Projects Fund into the Buildings Internal Service Fund.
Policy/Action Requested:

Approve Resolution R2023-137 closing the Local Projects (2200) Capital Projects Fund into the Buildings Internal Service Fund.

Recommendation:

Approval.

Discussion:

Earlier this year, the City Council approved bids for SandVenture improvements.  These improvements were to be partially funded from the balance of the Local Projects fund.  The SandVenture improvements are being accounted in the Buildings Internal Service Fund.

 

The Local Projects fund will be closed and the entire remaining balance of the Local Projects Fund of $2,940,128.18 will be transferred to the Buildings Internal Service Fund.

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.

ATTACHMENTS:
Description
R2023-137 Closing Local Projects Fund