2019-172 Council Resolution - Laserfiche WebLink

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CITY COUNCIL AGENDA ITEM 2C STAFF ORIGINATOR: Sarah Cotton MEETING DATE: December 9, 2019 TOPIC: Consider Resolution No. 19-172, Committing Specific Revenue Sources in Special Revenue Funds VOTE REQUIRED: 3/5 INTRODUCTION The City has implemented Governmental Accounting Standards Board (GASB) Statement #54 which requires that fund balances be divided into categories from most restricted to uncommitted funds. The City Council must annually adopt a resolution to `commit' certain funds. BACKGROUND The City Council has approved a policy implementing Governmental Accounting Standards Board (GASB) Statement #54. This statement's 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. The term "proceeds of specific revenue sources" establishes 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. Resolution No. 19-172 commits the specific revenue sources of the Recreation Special Revenue Fund specifically for operating city - sponsored recreation programming and the Cable TV Fund specifically for expenditures associated with Cable TV programming and communications. This commitment may only be changed by resolution of the City Council. RECOMMENDATION Staff recommends approval of Resolution No. 19-172. ATTACHMENTS Resolution No. 19-172