HomeMy WebLinkAbout2011.12.19 RESO 2011-47RESOLUTION 2011 - 47
RESOLUTION COMMITTING SPECIFIC FUND BALANCES AND REVENUE SOURCES AND AUTHORIZING
THE FINANCE DIRECTOR AND CITY ADMINISTRATOR TO ESTABLISH ASSIGNMENT OF FUND BALANCES
WHEREAS, the Governmental Accounting Standards Board has issued Statement No. 54 to enhance the
usefulness of fund balance information as contained in Comprehensive Annual Financial Reports; and
WHEREAS, Statement No. 54 requires that each fund balance be designated as 1) nonspendable 2) restricted
3) committed 4) assigned, or 5) unassigned; and
WHEREAS, the committed fund balance designation consists of amounts that are constrained for specific
purposes that are internally imposed by formal action of the City Council and those committed amounts cannot
be used for any other purpose unless the City Council removes or changes the specified use; and
WHEREAS, the City of Hugo has two funds that require City Council designation as committed; and
WHEREAS, the City Council may grant authority to certain employees to assign fund balance for those funds
not designated as committed.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HUGO, WASHINGTON
COUNTY, MINNESOTA, as follows:
1. Effective December 19, 2011, the specific revenue sources and specific purposes for which they are
committed are as follows:
2. Effective January 1, 2012, the Finance Director and City Administrator are authorized to assign fund
balance for those funds not designated as committed.
Upon roll call, the following members voting AYE: Haas, Klein, Petryk, Weidt, Miron
Upon roll call, the following members voting NAY: None
Whereupon said resolution was declared passed and adopted this 19th day of December, 2011.
FtWh,NMa4r
ATTEST:
Michele Lindau, City Clerk