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CITY COUNCIL <br />AGENDA ITEM 2C <br />STAFF ORIGINATOR <br />Al Rolek <br />MEETING DATE <br />December 9, 2013 <br />TOPIC <br />Consideration of adopting Resolution 13-135Specific Revenue Sources In <br />Special Revenue Funds <br />VOTE REQUIRED <br />Simple Majority <br />INTRODUCTION <br />The City has implemented Governmental Accounting Standards Board (GASB) Statement #54which <br />requires that fund balances be divided into categories from most restricted to uncommitted funds. The <br />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 Board <br />(GASB) Statement #54. This statement’s definition of special revenue funds states that special revenue <br />funds are used to account for and report the proceeds of specific revenue sources that are restricted or <br />committed to expenditures for specified purposes other than debt service or capital projects. The term <br />“proceeds of specific revenue sources” establishes that one or more specific restricted or committed <br />revenues should be the foundation for a special revenue fund and comprise a substantial portion of the <br />fund’s revenues. Resolution 13-135commits the specific revenue sources of the Recreation Special <br />Revenue Fund specifically for operating City-sponsored recreation programmingand the Cable TV Fund <br />specifically for expenditures associated with Cable TV programming. This commitment may only be <br />changed by resolution of the City Council. <br />RECOMMENDATION <br />Staff recommendsadoption of Resolution 13-135. <br />ATTACHMENTS <br />Resolution 13-135. <br /> <br />