State law requires closing SID/Sidewalk debt service funds once the debt has been satisfied. Any excess/deficit cash balances upon completion of the bond obligations are transferred to the SID Revolving Fund. SID 1329 - Bender Subdivision, Curb, Gutter & Storm Drain will be closed in fund 820. SID 1331 - Parkhill Subdivision Sidewalk will be closed in fund 820. Sidewalk pooled issues in funds 860, 861, 862, 897, and 898 will be closed.

There are no viable alternatives to approving the resolution since State law requires this action.

The revolving fund will receive cash of $9,246 for the two Special Improvement Districts and the one pooled Sidewalk with positive cash. The revolving fund will give cash of $83,719 to the four sidewalk issues with negative cash. The cash balance in the SID Revolving Fund is about $5,200,000.

Staff recommends Council approve the Resolution authorizing the closure of Special Improvement District Funds to the SID Revolving Fund.