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CITY OF LINO LAKES <br />RESOLUTION NO. 24-170 <br />COMMITTING GENERAL FUND BALANCE <br />WHEREAS, fund balance is comprised of distinct components with distinct purposes. <br />Under GASB 54, cities need to report five different components of fund balance to the Office of <br />the State Auditor each year; a) nonspendable, b) restricted, c) committed, d) assigned, and e) <br />unassigned; and <br />WHEREAS, the City Council may set aside funds for a specific purpose by committing <br />funds; and <br />WHEREAS, funds were budgeted, but left unspent in the General Fund in 2024. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of Lino Lakes, Minnesota that <br />$17,500 will be committed within the General Fund for fire turn out gear ordered in 2024, but <br />not anticipated to be received until February 2025. <br />Adopted by the City Council of the City of Lino Lakes this 911 day of December, 2024. <br />ATTEST: <br />Roberta Colotti, CIVIC, City Clerk <br />R b _Ra ferty, Mayor <br />