HomeMy WebLinkAbout2025-027CITY OF LAKE ELMO
WASHINGTON COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 2025 - 027
A RESOLUTION COMMITTING FRANCHISE FEE REVENUE TO A SPECIFIC
PURPOSE
WHEREAS, the Governmental Accounting Standards Board's Statement No. 54
defines committed fund balance as amounts that can only be used for specific purposes
pursuant to constraints imposed by formal action of the Council, and
WHEREAS, those committed amounts cannot be used for any other purpose
unless the City removes or changes the specified use by taking the same type of action it
employed to previously commit those amounts, and
WHEREAS, at the March 4, 2025 meeting, the Council adopted Ordinances
implementing Franchise Fees with Northern States Power dba Xcel Energy and
Centerpoint Energy.
NOW, THEREFORE, BE IT HERESY PROCLAIMED by the Lake Elmo
City Council, that all revenues derived from gas and electric franchise fees be committed
as follows; 50% to Fund 409 - Infrastructure Reserve for use in future Street
Reconstruction Projects and 50% to Fund 405 - Park Reserve for use in future Park
Improvements.
ADOPTED this 4th day of March, 2025.
CITY OF LAKE ELMO
By:
Charles Cadenhead
Mayor
ATTEST:
J lie J hnso
Oity`Clerk