HomeMy WebLinkAbout2021-149 Council Resolution CITY OF LINO LAKES
RESOLUTION NO.21-149
COMMITTING FUND BALANCE IN THE GENERAL FUND
WHEREAS, the city fund balance is comprised of distinct components with very distinct
purposes. Under GASB 54, Minnesota cities need to report five different components of fund
balances to the OSA each year; a) nonspendable, b)restricted, c) committed, d) assigned, and e)
unassigned.
WHEREAS, the City Council may set aside funds for a specific purpose by committing funds.
WHEREAS, funds were budgeted, but left unspent in the General Fund in 2021. Fire turn-out
gear was ordered in 2021 as part of the fire gear replacement plan, but due to supply chain delays
it will not be received until 2022.
NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Lino Lakes that
$36,622 will be committed within the General Fund for 2021 Fire Turn-Out Gear.
Adopted by the City Council of the City of Lino Lakes this 13th day of December 2021.
The motion for the adoption of the foregoing resolution was introduced by Councilmember
Ruhland and was duly seconded by Councilmember Lyden and upon vote being taken thereon,
the following voted in favor thereof: Ruhland, Lyden, Cavegn, Stoesz, Rafferty
The following voted against same:None
Rob Rafferty, Mayor
ATTEST:
�0-anne Bartell, Ci Cler
CITY COUNCIL
AGENDA ITEM 2C
STAFF ORIGINATOR: Hannah Lynch, Finance Director
MEETING DATE: December 13, 2021
TOPIC: Committing General Fund Balance
VOTE REQUIRED: 3/5
BACKGROUND
Fire turn-out gear budgeted and ordered in 2021 in the amount of$36,622 is not expected to be
received until 2022 due to supply chain delays. The unspent funds will remain in the City's
General Fund Balance at 12/31/2021.
Staff recommends committing the funds within the General Fund. Committed funds will allow
the use of 2021 budgeted funds in fiscal year 2022 without having a budget impact. Funds can
only be spent for the reason specified. Any unspent funds will no longer be committed after the
expenditure for 2021 Fire Turn-Out Gear has been made.
RECOMMENDATION
Staff recommends approving Resolution No. 21-149.
ATTACHMENTS
Resolution No. 21-149