HomeMy WebLinkAbout2011-127 Council ResolutionCouncil 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
AGENDA ITEM 2B
STAFF ORIGINATOR Al Rolek
MEETING DATE December 12, 2011
TOPIC Consideration of adopting Resolution 11 -127 Specific Revenue
Sources In Special Revenue Funds
Simple Majority
VOTE REQUIRED
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 11 -127
commits the specific revenue sources of the Recreation Special Revenue Fund specifically for
operating City- sponsored recreation programming. This commitment may only be changed by
resolution of the City Council.
Staff recommendation is to adopt Resolution 11 -127 Specific Revenue Sources In Special
Revenue Funds
OPTIONS
1. Adopt Resolution 11 -127.
2. Return to staff for further review.
RECOMMENDATION'.
Option 1.
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