HomeMy WebLinkAbout11. 21-171APRIL 13, 2021 21-171 RESOLUTION
WHEREAS, the City of Oshkosh has established several funds that are no longer
used and it is therefore appropriate to close those funds and consolidate and move the
remaining assets into existing active funds which are similar in nature to the inactive
funds.
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
0207-0211 Bicycle Fund 0215-0211 Police Special Revenue
0221-0211 PD Asset Forfeiture - State 0215-0211 Police Special Revenue
0222-0211 PD Asset Forfeiture - Fed 0215-0211 Police Special Revenue
0225-1010 Cable Escrow Fund 0100-0071 General Fund
0243-1099 Historical Marker 0255-0610 Parks Special Revenue
0711-0310 Bioterrorism 0601-0903 Internal Service Benefit Fund
(CARRIED_7-0__ LOST_______ LAID OVER_______ WITHDRAWN_______)
PURPOSE: CLOSE FUNDS AND TRANSFER ASSETS
INITIATED BY: FINANCE DEPARTMENT
Finance Department
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5005 http://www.ci.oshkosh.wi.us
TO: Honorable Mayor and Members of the Common Council
FROM: Russ Van Gompel, Finance Director
DATE: April 6, 2021
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, Bicycle, PD Asset Forfeiture –
State & Federal, Cable Escrow, Historical Marker, and Bioterrorism 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.
Fund Closed Assets Transferred to
FUND # Description Fund # Description
0207-0211 Bicycle Fund 0215-0211 Police Special Revenue
0221-0211 PD Asset Forfeiture - State 0215-0211 Police Special Revenue
0222-0211 PD Asset Forfeiture - Fed 0215-0211 Police Special Revenue
0225-1010 Cable Escrow Fund 0100-0071 General Fund
0243-1099 Historical Marker 0255-0610 Parks Special Revenue
0711-0310 Bioterrorism 0601-0903 Internal Service Benefit Fund
RECOMMENDATION
Staff recommends that Council adopt this resolution.
Respectfully Submitted, Approved:
Russ Van Gompel Mark Rohloff
Finance Director City Manager