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5.j) Res 01-21-14-04 Creation of Local Road Improvement FundCITY OF SCANDIA RESOLUTION NO. 01-21-14-04 CREATION OF LOCAL ROAD IMPROVEMENT FUND WHEREAS, the City of Scandia adopted a fund balance policy as required by GASB 54 on February 21, 2012; and WHEREAS, the City Council may appropriate fund balances; and WHEREAS, the City Council desires to commit funds specifically for local road improvement projects such as but not limited to mill and overlay work; and WHEREAS, the 2014 budget adopted by the City Council on December 17, 2013 included funding for the Local Road Improvement Fund; NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF SCANDIA, WASHINGTON COUNTY, MINNESOTA, that it should and hereby does approve the creation and designation of the Local Road Improvement Fund and that $200,000 is transferred from the General Fund unassigned fund balance to the Local Road Improvement Fund. Adopted by the Scandia City Council this 21St day of January, 2014. Randall Simonson, Mayor ATTEST: Administrator/ Clerk