Item Coversheet

*4.A.7.


Shakopee City Council
December 5, 2023

FROM:Nate Reinhardt, Finance Director
TO:Mayor and Council Members
Subject:

Closing of the Lions Park Capital Projects Fund.

Policy/Action Requested:

Approve Resolution No. R2023-140 closing the Lions Park (4300) Capital Projects Fund.

Recommendation:

Approval.

Discussion:

The Lions Park Capital Project Fund was established to account for donations and activity related to Lions Park.  Over the years, it included several improvements such as the Splash Pad feature.  Any future donations will be accounted for with specific projects in the park replacement fund or the recreation department.

 

There is no remaining balance in the fund therefore 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.
ATTACHMENTS:
Description
R2023-140 Closing Lions Park Capital Project Fund