HomeMy WebLinkAbout2012-127 Council Resolution•
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CITY OF LINO LAKES
RESOLUTION NO. 12 -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 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 Council of the City of Lino Lakes this 10th day of December, 2012.
The motion for the adoption of the foregoing resolution was introduced by Council Member
O Donnell and was duly seconded by Council Member Roeser and upon vote being taken
thereon, the following voted in favor thereof:
O'Donnell, Roeser, Rafferty, Stoesz, Rein
The following voted against same:
none
ATTEST:
Julia ne Bartell, City 1 lerk
Jeff Rein
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CITY COUNCIL
AGENDA ITEM 2C
STAFF ORIGINATOR Al Rolek
MEETING DATE December 10, 2012
TOPIC Consideration of adopting Resolution 12 -127 Committing Specific
Revenue Sources in Special Revenue Funds
VOTE REQUIRED Simple Majority
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 12 -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.
RECOMMENDATION
Staff recommends adoption of Resolution 12 -127.
ATTACHMENTS
Resolution 12 -127.