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CITY OF LAKE ELMO <br />WASHINGTON COUNTY <br />STATE OF MINNESOTA <br />RESOLUTION NO. 2025 - 027 <br />A RESOLUTION COMMITTING FRANCHISE FEE REVENUE TO A SPECIFIC <br />PURPOSE <br />WHEREAS, the Governmental Accounting Standards Board's Statement No. 54 <br />defines committed fund balance as amounts that can only be used for specific purposes <br />pursuant to constraints imposed by formal action of the Council, and <br />WHEREAS, those committed amounts cannot be used for any other purpose <br />unless the City removes or changes the specified use by taking the same type of action it <br />employed to previously commit those amounts, and <br />WHEREAS, at the March 4, 2025 meeting, the Council adopted Ordinances <br />implementing Franchise Fees with Northern States Power dba Xcel Energy and <br />Centerpoint Energy. <br />NOW, THEREFORE, BE IT HERESY PROCLAIMED by the Lake Elmo <br />City Council, that all revenues derived from gas and electric franchise fees be committed <br />as follows; 50% to Fund 409 - Infrastructure Reserve for use in future Street <br />Reconstruction Projects and 50% to Fund 405 - Park Reserve for use in future Park <br />Improvements. <br />ADOPTED this 4th day of March, 2025. <br />CITY OF LAKE ELMO <br />By: <br />Charles Cadenhead <br />Mayor <br />ATTEST: <br />J lie J hnso <br />Oity`Clerk <br />