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<br />CITY OF LAKE ELMO <br />WASHINGTON COUNTY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 2025 - 27 <br /> <br />A RESOLUTION COMMITTING FRANCHISE FEE REVENUE TO A SPECIFIC <br />PURPOSE <br /> <br /> <br />WHEREAS, the Governmental Accounting Standards Board’s Statement <br />No. 54 defines committed fund balance as amounts that can only be used for <br />specific purposes pursuant to constraints imposed by formal action of the <br />Council, and <br /> <br />WHEREAS, those committed amounts cannot be used for any other <br />purpose unless the City removes or changes the specified use by taking the <br />same type of action it employed to previously commit those amounts, and <br /> <br />WHEREAS, at the March 4, 2025 meeting, the Council adopted <br />Ordinances implementing Franchise Fees with Northern States Power dba Xcel <br />Energy and Centerpoint Energy. <br /> <br />NOW, THEREFORE, BE IT HEREBY PROCLAIMED by the Lake Elmo <br />City Council, that all revenues derived from gas and electric franchise fees be <br />committed to Fund 409 - Infrastructure Reserve for use in future Street <br />Reconstruction Projects. <br /> <br /> ADOPTED this 4th day of March, 2025. <br /> <br /> <br /> <br />CITY OF LAKE ELMO <br /> <br /> <br /> By: __________________________ <br /> Charles Cadenhead <br /> Mayor <br /> <br />ATTEST: <br /> <br /> <br />________________________________ <br />Julie Johnson <br />City Clerk