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CITY OF HUGO <br /> RESOLUTION 2024 -40 <br /> RESOLUTION CREATING A NEW SPECIAL REVENUE FUND <br /> TO ACCOUNT FOR MISCELLANEOUS REVENUES <br /> RECEIVED FROM THE STATE OF MINNESOTA <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 /> 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 /> 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 /> WHEREAS,the miscellaneous revenues currently received from the State of Minnesota include <br /> Public Safety Aid and Local Affordable Housing Aid; and <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 /> 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 /> Adopted by the City Council of the City of Hugo, Minnesota this 16th day of September, 2024. <br /> Tom Weidt, Mayor <br /> Attested: <br /> Michele Lindau, City Clerk <br />