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