HomeMy WebLinkAbout2019-172 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 19-172
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
Cable TV
Franchise Fees
Committed for expenditures
associated with City
Sponsored Cable TV
Programming and
Communications
Adopted by the Council of the City of Lino Lakes this 9th day of December, 2019.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Maher and was duly seconded by Council Member Rafferty and upon
vote being taken thereon, the following voted in favor thereof:
Maher, Rafferty, Manthey, Stoesz
The following voted against same:
none
ATTEST:
Juli nne Bartell, City Cle
Jeff Reinert/Ma o
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