HomeMy WebLinkAbout2014-152 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 14-152
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,
WHEREAS,
investment earnings and transfers from other funds do not meet the definition of a specific
revenue source; and,
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
Cable TV
Franchise Fees
Committed for expenditures
associated with City Sponsored
Cable TV Programming
Adopted by the Council of the City of Lino Lakes this 8th day of December, 2014.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Rafferty and was duly seconded by Council Member Stoesz and upon vote being taken
thereon, the following voted in favor thereof:
Rafferty, Stoesz, Roeser, Kusterman,
The following voted against same:
none
ATTEST:
nne Bartell, City I Jerk
Jeff Reinert, May
CITY COUNCIL
AGENDA ITEM 2C
STAFF ORIGINATOR Al Rolek
MEETING DATE December 8, 2014
TOPIC Consideration of adopting Resolution 14-152 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 14-152 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. This commitment may only be changed by
resolution of the City Council.
RECOMMENDATION
Staff recommends adoption of Resolution 14-152.
ATTACHMENTS
Resolution 14-152.