HomeMy WebLinkAbout2024.09.16 RESO 2024-40 Create New Special Revnue Fund CITY OF HUGO
RESOLUTION 2024 -40
RESOLUTION CREATING A NEW SPECIAL REVENUE FUND
TO ACCOUNT FOR MISCELLANEOUS REVENUES
RECEIVED FROM THE STATE OF MINNESOTA
WHEREAS,the City of Hugo has received funds from the State of Minnesota that need to be
accounted for separately from other already established funds for tracking and reporting
purposes.
WHEREAS, Generally Accepted Accounting Principles (GAAP)provide special revenue funds
to account for and report the proceeds of specific revenue sources that are restricted for specific
purposes; and
WHEREAS,the Governmental Accounting Standards Board's (GASB) Statement Number 54
defines special revenue funds as funds that are used to account for and report the proceeds of
specific revenue sources that are restricted or committed to expenditure for specified purposes
other than debt service or capital projects.
WHEREAS,the miscellaneous revenues currently received from the State of Minnesota include
Public Safety Aid and Local Affordable Housing Aid; and
WHEREAS,other miscellaneous revenues may be received from the State of Minnesota in the
future that will also be accounted for in this fund; and
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Hugo,
Minnesota, that a new special revenue fund will be created and named the State Revenue Fund to
track and report on miscellaneous revenues received from the State of Minnesota that need to be
accounted for separately.
Adopted by the City Council of the City of Hugo, Minnesota this 16th day of September, 2024.
Tom Weidt, Mayor
Attested:
Michele Lindau, City Clerk