2024-21
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE: April 15, 2024 RESOLUTION NO: 2024-21
MOTION BY: McDonald SECONDED BY: Kimber
RESOLUTION APPROVING INTERFUND LOANS FOR
FINANCIAL REPORTING FOR FISCAL YEAR 2023
WHEREAS, for purposes of the City’s 2023 Annual Comprehensive Financial Report (ACFR),
all cash balance deficits in individual funds must be eliminated by either an interfund transfer or
an interfund loan effective December 31, 2023; and
WHEREAS, the Civic Campus Fund has a cash balance deficit for the year-ended 2023 of
$822,799.05; and
WHEREAS, the Surface Water Management Fund has a cash balance deficit for the year-ended
2023 of $82,004.70; and
WHEREAS, staff recommends the following temporary interfund loans for the fiscal year 2023
as listed in the table below.
Interfund Loan from Fund Interfund Loan to Fund Amount
General Fund Civic Campus Fund $825,000
Water Fund Surface Water Management Fund $85,000
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF
CHANHASSEN, MINNESOTA AS FOLLOWS:
1. Interfund Loans: Interfund loans (the “Loans”) shall be made from the funds listed
below to be repaid from bond proceeds or other sources to the funds below as follows:
Interfund Loan from Fund Interfund Loan to Fund Amount
General Fund Civic Campus Fund $825,000
Water Fund Surface Water Management Fund $85,000
2. Terms: The Loans shall not bear interest and shall mature on May 1, 2024.
3. Note: The Loans shall not be evidenced by a note or writing other than this resolution.
DocuSign Envelope ID: 3D31DA30-D621-4E1C-BE23-5E7C69BD093A
Passed and adopted by the Chanhassen City Council this 15 day of April 2024.
ATTEST:
Kim Meuwissen, City Clerk Elise Ryan, Mayor
YES NO ABSENT
Ryan von Oven
McDonald
Schubert
Kimber
DocuSign Envelope ID: 3D31DA30-D621-4E1C-BE23-5E7C69BD093A