HomeMy WebLinkAbout2011-060 ,- IZEN HILLS
CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION NO.2011-060
A RESOLUTION COMMITTING SPECIFIC REVENUE SOURCES IN SPECIAL REVENUE
FUNDS
WHEREAS, the Governmental Accounting Standards Board's Statement #54 definition of
special revenue funds states that special revenue funds are used to account for and report the proceeds of
specific revenue sources that are restricted or committed to expenditures for specified purposes other than
debt service or capital projects; and,
WHEREAS, the term "proceeds of specific revenue sources" establishes that one or more
specific restricted or committed revenues should be the foundation for a special revenue fund and
comprise a substantial portion of the fund's revenues;and,
WHEREAS, investment earnings and transfers from other funds do not meet the definition of a
specific revenue source; and,
WHEREAS, Council action is required to formalize the commitment of the specific revenue
sources to specified purposes.
THEREFORE BE IT RESOLVED, by the City Council of Arden Hills that effective
December 31, 2010, the specific revenue source of each special revenue fund and the specific purposes
for which they are committed are as follows:
p Fund Specific Revenue Sources Committed For
EDA General Fund "Excess" TIF Continued investment in Economic Development
EDA Revolving Loan Fund Loan Repayments Continued investment in Economic Development
ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS THIS 12th
DAY OF DECEMBER,2011.
David Grant,Mayor
ATTEST:
/4 A
Patrick Klaers, City Administrator