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RESOLUTION 2011 - 47 <br />RESOLUTION COMMITTING SPECIFIC FUND BALANCES AND REVENUE SOURCES AND AUTHORIZING <br />THE FINANCE DIRECTOR AND CITY ADMINISTRATOR TO ESTABLISH ASSIGNMENT OF FUND BALANCES <br />WHEREAS, the Governmental Accounting Standards Board has issued Statement No. 54 to enhance the <br />usefulness of fund balance information as contained in Comprehensive Annual Financial Reports; and <br />WHEREAS, Statement No. 54 requires that each fund balance be designated as 1) nonspendable 2) restricted <br />3) committed 4) assigned, or 5) unassigned; and <br />WHEREAS, the committed fund balance designation consists of amounts that are constrained for specific <br />purposes that are internally imposed by formal action of the City Council and those committed amounts cannot <br />be used for any other purpose unless the City Council removes or changes the specified use; and <br />WHEREAS, the City of Hugo has two funds that require City Council designation as committed; and <br />WHEREAS, the City Council may grant authority to certain employees to assign fund balance for those funds <br />not designated as committed. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HUGO, WASHINGTON <br />COUNTY, MINNESOTA, as follows: <br />1. Effective December 19, 2011, the specific revenue sources and specific purposes for which they are <br />committed are as follows: <br />2. Effective January 1, 2012, the Finance Director and City Administrator are authorized to assign fund <br />balance for those funds not designated as committed. <br />Upon roll call, the following members voting AYE: Haas, Klein, Petryk, Weidt, Miron <br />Upon roll call, the following members voting NAY: None <br />Whereupon said resolution was declared passed and adopted this 19th day of December, 2011. <br />FtWh,NMa4r <br />ATTEST: <br />Michele Lindau, City Clerk <br />