Title
A RESOLUTION AUTHORIZING COMMUNITY INVESTMENT TRUST FUND INTEREST EARNINGS IN EXCESS OF THE 2026 BUDGETED GENERAL FUND TRANSFER OF $1,000,000 TO REMAIN IN THE COMMUNITY INVESTMENT TRUST FUND
Body
CITY PROPOSAL:
RESOLVED, that, pursuant to Section 54. (E)(4) of the Duluth City Charter, the council approves the appropriation/transfer of Community Investment Trust (CIT) earnings in excess of the 2026 general fund budgeted transfer of $1,000,000 back to the CIT fund.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution formalizes the exact transfer from the CIT fund that is built into the 2026 general fund budget and keeps additional funds in the CIT fund to take advantage of investment options provided by the Minnesota State Board of Investment.