2011-127 Council Resolution - Laserfiche WebLink

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Council Member Roeser introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 11 -127 RESOLUTION COMMITTING SPECIFIC REVENUE SOURCES IN SPECIAL REVENUE FUNDS WHEREAS, the Governmental Accounting Standards Board's Statement #54 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; and, WHEREAS, the term "proceeds of specific revenue sources" established 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; and, WHEREAS, investment earnings and transfers from other funds do not meet the definition of a specific revenue source; and, WHEREAS, council action is required to formalize the commitment of the specific revenue sources to specified purposes. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LINO LAKES as follows: 1. The specific revenue sources of each special revenue fund and the specific purposes for which they are committed are as follows: Fund Specific Revenue Sources Committed For Recreation Program Recreation Fees Committed for expenditures associated with City Sponsored Recreation Programs Adopted by the City Council of Lino Lakes, Minnesota, this 12th day of December, 2011. The motion for the adoption of the foregoing resolution was duly seconded by Council Member Gallup and upon vote being taken thereon, the following voted in favor thereof: Roeser, Gallup, Rafferty, O'Donnell, Reinert The following voted against same:. none Whereupon said resolution was declared duly passed Bartell, City CI k Jeff Reinert