07-0622R


RESOLUTION REPEALING RESOLUTION 96-0447 AND TRANSFERRING FUNDS TO FUND 505.

BY COUNCILOR STEWART:

     RESOLVED, that as of the date of this resolution, Resolution No. 96-0447 is hereby repealed and funds held for this purpose within the general fund are hereby transferred to Parking Enterprise Fund 505.


STATEMENT OF PURPOSE:  In 1996, by Resolution No. 96-0447, the city created a special account in the general fund into which were to be deposited “incremental revenue from on street parking meters in the Downtown area of Duluth.” Incremental revenue was defined as “the amount by which the revenue from parking meters exceeds the amount of parking meter revenue received in 1994." The resolution provided that the money in the account was to “only be spent for programs or improvements that benefit parking in the Downtown area of Duluth.” There is currently a $213,256 balance in the account.


The city has now established a parking enterprise fund into which all parking-related proceeds from all of the city’s parking operations are to be deposited and so it is appropriate to eliminate the old account and to transfer the balance to the enterprise fund.