Laserfiche WebLink
• <br />AGENDA ITEM 2B <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE December 12, 2011 <br />TOPIC Consideration of adopting Resolution 11 -127 Specific Revenue <br />Sources In Special Revenue Funds <br />Simple Majority <br />VOTE REQUIRED <br />BACKGROUND <br />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 <br />sources that are restricted or committed to expenditures for specified purposes other than debt <br />service or capital projects. The term "proceeds of specific revenue sources" establishes that <br />one or more specific restricted or committed revenues should be the foundation for a special <br />revenue fund and comprise a substantial portion of the fund's revenues. Resolution 11 -127 <br />commits the specific revenue sources of the Recreation Special Revenue Fund specifically for <br />operating City- sponsored recreation programming. This commitment may only be changed by <br />resolution of the City Council. <br />Staff recommendation is to adopt Resolution 11 -127 Specific Revenue Sources In Special <br />Revenue Funds <br />OPTIONS i <br />1. Adopt Resolution 11 -127. <br />2. Return to staff for further review. <br />RECOMMENDATION: <br />Option 1. <br />P27 <br />