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RESOLUTION COMMITTING SPECIFIC REVENUE SOURCES <br />IN SPECIAL REVENUE FUNDS <br />Whereas, the Governmental Accounting Standards Board's Statement #54 definition of <br />special revenue funds states that special revenue funds are used to account for and report the <br />proceeds of specific revenue sources that are restricted or committed to expenditures for <br />specified purposes other than debt service or capital projects; and, <br />Whereas, the term "proceeds of specific revenue sources" establishes that one or more <br />specific restricted or committed revenues should be the foundation for a special revenue fund and <br />comprise a substantial portion of the fund's revenues; and, <br />Whereas, investment earnings and transfers from other funds do not meet the definition of a <br />specific revenue source; and, <br />Whereas, council action is required to formalize the commitment of the specific revenue <br />sources to specified purposes. <br />Whereas, council action is required to formalize the commitment of fund balance <br />Now, therefore, be it resolved by the City Council of the City of Little Canada that <br />effective January 1, 2011 the specific revenue source of each special revenue fund and the <br />specific purposes for which t ley are restricted or committed are as follows: <br />Fund <br />Specific Revenue Sources <br />Committed For <br />Parks and Recreation (201) <br />Recreation activity fees <br />Recreation programs, <br />Recreation facilities <br />maintenance, rental and <br />program administration <br />Cable TV (202) <br />Cable franchise fees <br />Operation and maintenance of <br />a government access channel <br />and for the administration of <br />public broadcasting <br />capabilities, studio <br />improvements, and other <br />capital expenditures <br />improving the overall cable <br />system <br />Economic development <br />(105) <br />Debt Issuance fees for conduit <br />financing <br />Activities to promote <br />economic development <br />Recycling and disposal <br />(203) <br />Charges for services <br />Contracted organized <br />collection costs and <br />administrative cost for billing <br />and customer service <br />Therefore, be it further resolved that the fund balance of the above scheduled funds be <br />committed by City Council for the specific purpose stated above. <br />1722072.1 <br />5 <br />EXHIBIT B <br />