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Resolution 7824
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Resolution 7824
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Last modified
6/25/2019 10:09:48 AM
Creation date
9/14/2011 10:17:19 AM
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RESOLUTION NO. 7824 <br /> CITY OF MOUNDS VIEW <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> Closing Funds, Reclassifying a Fund, and Committing General Fund Balance for Future <br /> Levy Reduction and Stabilization <br /> WHEREAS, the City desires to maintain accounting records that follow Generally <br /> Accepted Accounting Principles (GAAP); and <br /> WHEREAS, Governmental Accountings Standards Board Statement 54 - Fund Balance <br /> Reporting and Governmental Fund Type Definitions requires the City to change how fund <br /> balance is reported and changes fund type definitions; and <br /> WHEREAS, the Levy Reduction Special Revenue Fund and the Vehicle and Equipment <br /> Special Revenue Fund no longer meet the definition of a special revenue fund and the Police <br /> Grants Special Revenue Fund is no longer necessary; and <br /> WHEREAS, the City Council would like to maintain the intent of the Levy Reduction <br /> Special Revenue Fund; and <br /> WHEREAS, the City Council has discussed the proposed changes and wishes to close <br /> the Levy Reduction Special Revenue Fund and the Police Grants Special Revenue Fund to the <br /> General Fund and reclassify the Vehicle and Equipment Special Revenue Fund to a capital <br /> projects fund; and <br /> WHEREAS, the City Council would like to "Commit" General Fund balance for future <br /> levy reduction/stabilization and establishes that use of committed fund balance can be no more <br /> than ten percent (10%) of the subsequent years budgeted expenditures. <br /> NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds View <br /> that the Levy Reduction Special Revenue Fund and the Police Grants Special Revenue Fund <br /> are hereby closed to the General Fund and the Vehicle and Equipment Special Revenue Fund <br /> is reclassified to a capital project fund. The appropriate budget adjustments are hereby <br /> authorized to facilitate the closure. <br /> NOW THEREFORE, BE IT FURTHER RESOLVED that $6,292,906 of the General Fund <br /> Balance is Committed for future levy reduction and stabilization and future use of committed <br /> fund balance is limited to no more than ten percent (10%) of subsequent budgeted <br /> expenditures. <br /> Adopted t/his 2tn day of September, 2011. <br /> Joe Flaherty, Maya <br /> ATTEST: "- <br /> James Ericson, City Administrator <br /> (SEAL) <br />
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