HomeMy WebLinkAboutResolution 102-R-26_ Authorizing the Transfer of $1M from the General Fund to the Special Assessment Fund5/11/2026
102-R-26
A RESOLUTION
Authorizing the Transfer of $1 Million from the General Fund to the
Special Assessment Fund
WHEREAS, in the FY 2026 Capital Improvement Fund (CIP), construction
costs for Alley Paving in the City’s 50-50 program were budgeted for $1.7 million total,
consisting of $1.5 million from the CIP Fund and $225,000 from the Special Assessment
Fund; and
WHEREAS, the $1.5 million budgeted in the CIP is expected to be funded
through the issuance of GO Bonds as part of Resolution 11 -R-26; and
WHEREAS, the current Special Assessment Fund balance is $313,000,
with another $170,000 in expected revenue from prior special assessments ; and
WHEREAS, a $1 million transfer from the General Fund to the Special
Assessment Fund will increase the Special Assessment Fund’s balance to approximately
$1.5 million, which will be sufficient to cover most construction costs in FY 2026 and
reduce the need to issue $1 million in future GO Bonds in the CIP Fund; and
WHEREAS, the City’s Finance and Budget Committee recommended that
City Council authorize a permanent interfund transfer of $1 million from the General Fund
to the Special Assessment Fund; and
WHEREAS, the City Council desires to authorize the transfer of $1 million
from the General Fund to the Special Assessment Fund,
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102-R-26
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, COOK COUNTY, STATE OF ILLINOIS:
SECTION 1: That the foregoing recitals are hereby found as fact and
incorporated herein by reference.
SECTION 2: That the Chief Financial Officer is hereby authorized and
directed to transfer $1 million ($1,000,000) from the fund balance of the City’s General
Fund to the Special Assessment Fund.
SECTION 3: This Resolution 102-R-26 shall be in full force and effect from
and after its passage and approval in the manner provided by law.
_______________________________
Daniel Biss, Mayor
Attest:
______________________________
Stephanie Mendoza, City Clerk
Adopted: __________________, 2026
Approved as to form:
_______________________________
Alexandra B. Ruggie, Corporation Counsel
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May 11