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CITY COUNCIL <br />AGENDA ITEM 2C <br />STAFF ORIGINATOR: Sarah Cotton <br />MEETING DATE: December 11, 2017 <br />TOPIC: Consider Resolution No. 17-146, Committing Specific Revenue <br />Sources in Special Revenue Funds <br />VOTE REQUIRED: 3/5 <br />INTRODUCTION <br />The City has implemented Governmental Accounting Standards Board (GASB) Statement #54 <br />which requires that fund balances be divided into categories from most restricted to uncommitted <br />funds. The City Council must annually adopt a resolution to `commit' certain funds. <br />BACKGROUND <br />The City Council has approved a policy implementing Governmental Accounting Standards <br />Board (GASB) Statement #54. This statement's definition of special revenue funds states that <br />special revenue funds are used to account for and report the proceeds of specific revenue sources <br />that are restricted or committed to expenditures for specified purposes other than debt service or <br />capital projects. 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. Resolution No. 17-146 commits the <br />specific revenue sources of the Recreation Special Revenue Fund specifically for operating City - <br />sponsored recreation programming and the Cable TV Fund specifically for expenditures <br />associated with Cable TV programming and communications. This commitment may only be <br />changed by resolution of the City Council. <br />RECOMMENDATION <br />Staff recommends the approval of Resolution No. 17-146. <br />ATTACHMENTS <br />Resolution No. 17-146, Committing Specific Revenue Sources in Special Revenue Funds <br />