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CITY OF HUGO <br />RESOLUTION 2024 - ___ <br /> <br />RESOLUTION CREATING A NEW SPECIAL REVENUE FUND <br />TO ACCOUNT FOR MISCELLANEOUS REVENUES <br />RECEIVED FROM THE STATE OF MINNESOTA <br /> <br /> <br />WHEREAS, the City of Hugo has received funds from the State of Minnesota that need to be <br />accounted for separately from other already established funds for tracking and reporting <br />purposes. <br /> <br />WHEREAS, Generally Accepted Accounting Principles (GAAP) provide special revenue funds <br />to account for and report the proceeds of specific revenue sources that are restricted for specific <br />purposes; and <br /> <br />WHEREAS, the Governmental Accounting Standards Board’s (GASB) Statement Number 54 <br />defines special revenue funds as funds that are used to account for and report the proceeds of <br />specific revenue sources that are restricted or committed to expenditure for specified purposes <br />other than debt service or capital projects. <br /> <br />WHEREAS, the miscellaneous revenues currently received from the State of Minnesota include <br />Public Safety Aid and Local Affordable Housing Aid; and <br /> <br />WHEREAS, other miscellaneous revenues may be received from the State of Minnesota in the <br />future that will also be accounted for in this fund; and <br /> <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo, <br />Minnesota, that a new special revenue fund will be created and named the State Revenue Fund to <br />track and report on miscellaneous revenues received from the State of Minnesota that need to be <br />accounted for separately. <br /> <br /> <br /> <br />Adopted by the City Council of the City of Hugo, Minnesota this 16th day of September, 2024. <br /> <br /> <br /> <br /> _______________________ <br /> Tom Weidt, Mayor <br /> <br /> <br />Attested: <br /> <br /> <br />_______________________ <br />Michele Lindau, City Clerk