HomeMy WebLinkAbout06. 20-146 APRIL 14, 2020 20-146 RESOLUTION
(CARRIED 7-0 LOST LAID OVER WITHDRAWN )
PURPOSE: CLOSE FUNDS AND TRANSFER ASSETS
INITIATED BY: FINANCE DEPARTMENT
WHEREAS, the City of Oshkosh has established several funds that are no longer
used and it is therefore appropriate to close those funds and consolidating and moving
the remaining assets into existing active funds which are similar in nature to the inactive
funds; and
WHEREAS, the City of Oshkosh no longer operates a municipal golf course and it
is appropriate to formally close the remaining Golf Course Division Fund and move the
remaining assets from this Fund into the Parks Revenue Division Fund.
NOW, THEREFORE BE IT RESOLVED by the Common Council for the City of
Oshkosh that the below listed Funds be and hereby are closed and any remaining assets
within the Funds to be Closed to be transferred as indicated below:
Fund Closed Assets Transferred to
Fund # Description Fund # Description
POLICE SPECIAL
02190211 DARE 02150211 FUNDS
FIRE SPECIAL
02170230 FIRE/ SAFETY 02350230 REVENUE
MUSEUM MUSEUM
02281070 EXHIBITION 02271070 MEMBERSHIP
GOLF COURSE PARKS REVENUE
05170630 1 DIVISION 02550610 1 DIVISION
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TO: Honorable Mayor and Members of the Common Council
FROM: Russ Van Compel, Finance Director
DATE: April 8, 2020
RE: Close Funds and Transfer Assets
BACKGROUND
Funds are established to account for the segregation of financial resources and ensure
that the segregated resources were only used for their intended purpose. A fund is
defined as a fiscal and accounting entity with a self-balancing set of accounts recording
cash and other financial resources, together with all related liabilities and residual
equities or balances.
Government units should establish and maintain those funds required by law and
sound financial administration. Only the minimum number of funds consistent with
legal and operating requirements should be established.
ANALYSIS
Upon review of the current activity and needs of the City, the Dare, Fire/Safety,
Museum Exhibition, and Golf Course funds are no longer needed. To eliminate funds
and to transfer any remaining assets and liabilities, the City Council should adopt a
resolution to close out the funds and transfer any remaining assets.
RECOMMENDATION
Staff recommends that Council adopt this resolution.
Respectfully Submitted, Approved:
Russ Van Compel Mark Rohloff
Finance Director City Manager
Finance Department
City Hall,215 Church Avenue P.O. Box 1130 Oshkosh,WI 54903-1130 920.236.5005 http://www.ci.oshkosh.wi.us