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HomeMy WebLinkAbout09599RESOLUTION NO. 9599 RESOLUTION AUTHORIZING A PRIOR PERIOD ADJUSTMENT TO BE RECORDED IN THE BOOKS AND RECORDS OF THE CITY OF PUEBLO TO PROPERLY REPORT ADVANCES MADE TO WALKING STICK GOLF COURSE WHEREAS, during the years 1992 through 2000, funds were transferred from City Park Golf Course (now known as Elmwood Golf Course) to Walking Stick Golf Course in the amount of $2,221,955; and WHEREAS, said transfers were recorded in the books and records of the City as operating transfers rather than as advances; and WHEREAS, a finance charge on these advances is desired; and WHEREAS, a correction to the books and records of the City should be made to properly record said transactions and correct the financial statements of the City. BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. Interest at the rate of six percent (6 %) per year is hereby established and shall be charged to Walking Stick Golf Course on the outstanding balance of advances at the end of each fiscal year, beginning with the fiscal year 1992 . SECTION 2. A prior period adjustment shall be made to the books and records of the City of Pueblo in the total amount of $2,221,955, plus accrued interest, to properly report advances made in prior years from City Park Golf Course to Walking Stick Golf Course. Said adjustment shall be recorded on the books and records of the City in the fiscal year 2001, and shall be reported in the financial statements of the City as of and for the year ended December 31, 2001. INTRODUCED: May 13, 2002 RZ CO CILPERSON L APPROVED: PRESIDENT OF CITY COUNCIL 'L ATTESTED BY: Y CLERK