HomeMy WebLinkAboutDocumentation_Regular_Tab 05M_11/18/2004 , �
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DATE: NOVEMBER 5, 2004
TO: MICHAEL R. COUZZO, VILLAGE MANAGER ..- -�
FROM: JOANN FORSYTHE, FINANCE DIRECTOR� �
RE: RESOLUTION TO AUTHORIZE TRANSFER OF ASSETS,
LIABILITIES AND EQUIT'Y FROM COMMUNITY DEVLOPMENT
• FUND #415
__---�.
Attached is a Yesolution asking the Village Council to authorize the transfer of any remaining
assets, liabilities and equity from Community Development Fund #415 and to authorize closing this
Fund.
As you aYe awa�e, the Village Council budgeted all Yevenues and expenditures formeYly budgeted
in C. D. in the GeneYal Fund #001 for Budget YeaY 2004-2005. The Village Council also indicated in
the budget meetings that they would like to have any cash and investments remaining in C.D. Fund
#415, transfeYYed to GeneYal Fund #001. As such, I am xequesting that the Village Council authorize
the transfer of remaining cash and investments in C.D. Fund #415 to General Fund #001 by
resolution. C.D. Fund #415 does not have any long-term liabilities nor current liabilities on the
Balance Sheet at 10/01/2004 and therefore no transfer of liabilities will be necessary. C. D. Fund
#415 does have f�ed assets that will need to be transferred to close the Fund. As you may be aware,
o� a fund basis the governmental funds do not record f�ed assets, however, pex GASB 34, they will
be shown as a deczease in Capital assets, net in Bnsiness-type Activities and an increase in Captial
assets, net in GoveYnmental Activities, on the Government-wide `Statement of Net Assets" . I have
worded the Yesolution to reflect this change.
11f5f0412:14PM
RESOLUTION N0.19-04/05
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA AUTHORIZING THE CLOSING OF FUND #415
COMMUNITY DEVELOPMENT AND AUTHORIZING THE TRANSFER OF
REMAIN�NG CASH AND INVESTMENTS FROM FUND #415
COMMUNTTY DEVELOPMENT TO GENERAL FUND #001 AND
AUTHORIZING THE TRANSFER OF OTHER REMAINING ASSETS,
LIABILITIES AND EQUITY OF FUND #415 COMMUNITY
DEVELOPMENT TO PROPERLY SHOW SUCH ASSETS, LIABILITIES
AND EQUITY GOING FROM A BUSINESS TYPE ACTIVITY TO A
GOVERNMENT TYPE ACTIVITY WITHIN THE VILLAGE OF
TEQUESTA.
WHEREAS, all departments formerly accounted for in
Community Developments Fund #415 are accounted for in
General Fund #001 in the current year, and
WHEREAS, the Village Council of the Village of
Tequesta has budgeted all revenues and expenditures
formerly budgeted in Community Development Fund #415
in General Fund #001 in the current budget year 2004-
2005, and
WFiEREAS, there are remaining Assets, Liability and
Equity remaining in Community Development Fund #415
at 10/01/2004, and
WHEREAS, remaining cash and investments will be
transferred to General Fund #001 and other remaining
assets, liabilities and equity will be transferred to
properly show such assets, liabilities and equity
going from a business-type activity to a government-
type activity within the Village of Tequesta, and
WHEREAS, this transfer will be effective at October
l, 2004,
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE OF
TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1. The request for authorization to close
Community Development Fund #415 and transfer remaining
cash and investments to General Fund #001 and transfer
all other remaining assets, liabilities and equity to
properly show such assets, liabilities and equity going
from a business-type activity to a government-type
activity within the Village of Tequesta - is hereby
approved.
THE FOREGOING RESOLUTION WAS OFFERED by Councilmember
, who moved its adoption. The motion was seconded by
Councilmember , and upon being put to a vote,
the vote was as follows:
FOR ADOPTION AGAIN5T ADOPTION
The Mayor thereupon declared the Resolution duly passed and
adopted this 18 day of November, A.D.,2004.
MAYOR OF TEQUESTA.
Pat Watkins
ATTEST:
Gwen Carlisle
Village Clerk