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5K, GASB 54 Revenue Commitments and Fund Changes
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5K, GASB 54 Revenue Commitments and Fund Changes
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10/24/2024 11:13:08 AM
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12/12/2011 8:05:10 AM
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December 12 2011 Reg City Council Meetin
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�� <br />EN HILLS <br />CITY OF ARDEN HILLS <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION NO. 2011-060 <br />A RESOLUTION COMMITTING SPECIFIC REVENUE SOURCES IN SPECIAL REVENUE <br />FUNDS <br />WHEREAS, the Governmental Accounting Standards Board's Statement #54 definition of <br />special revenue funds states that special revenue funds are used to account for and report the proceeds of <br />specific revenue sources that are restricted or committed to expenditures for specified purposes other than <br />debt service or capital projects; and, <br />WHEREAS, the term "proceeds of specific revenue sources" establishes that one or more <br />specific restricted or committed revenues should be the foundation for a special revenue fund and <br />comprise a substantial portion of the fund's revenues; and, <br />WHEREAS, investment earnings and transfers from other funds do not meet the definition of a <br />specific revenue source; and, <br />WHEREAS, Council action is required to formalize the commitment of the specific revenue <br />sources to specified purposes. <br />THEREFORE BE IT RESOLVED, by the City Council of Arden Hills that effective <br />December 31, 2010, the specific revenue source of each special revenue fund and the specific purposes <br />for which they are committed are as follows: <br />EDA General Fund "Excess" TIF ° Continued investment in Economic Development <br />EDA Revolving Loan Fund Loan Repayments Continued investment in Economic Development <br />ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS THIS 12th <br />DAY OF DECEMBER, 2011. <br />David Grant, Mayor <br />ATTEST: <br />Patrick Klaers, City Administrator <br />
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