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,- IZEN 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 /> p Fund Specific Revenue Sources Committed For <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 /> /4 A <br /> Patrick Klaers, City Administrator <br />