12-12-2016 Council Packet - Laserfiche WebLink

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CITY OF LINO LAKES RESOLUTION NO. 16-168 RESOLUTION COMMITTING SPECIFIC REVENUE SOURCES IN SPECIAL REVENUE FUNDS WHEREAS, the Governmental Accounting Standards Board’s Statement #54 definition of special revenue funds states that special revenue funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes other than debt service or capital projects, and WHEREAS, the term “proceeds of specific revenue sources” established that one or more specific restricted or committed revenues should be the foundation for a special revenue fund and comprise a substantial portion of the fund’s revenues, and WHEREAS, investment earnings and transfers from other funds do not meet the definition of a specific revenue source, and WHEREAS, council action is required to formalize the commitment of the specific revenue sources to specified purposes. NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes, as follows: 1. The specific revenue sources of each special revenue fund and the specific purposes for which they are committed are as follows: Fund Specific Revenue Sources Committed For Recreation Program Recreation Fees Committed for expenditures associated with City Sponsored Recreation Programs Cable TV Franchise Fees Committed for expenditures associated with City Sponsored Cable TV Programming Adopted by the Council of the City of Lino Lakes this 12th day of December, 2016. The motion for the adoption of the foregoing resolution was introduced by Council Member _______________and was duly seconded by Council Member ________________ and upon vote being taken thereon, the following voted in favor thereof: The following voted against same: _______________________________ Jeff Reinert, Mayor ATTEST: ________________________ Julianne Bartell, City Clerk