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Res. #11- <br /> A RESOLUTION COMMITTING SPECIFIC REVENUE SOURCES AND <br /> CONFIRMING RESTRICTIONS FOR SPECIFIED PURPOSES IN SPECIAL <br /> REVENUE FUNDS (GASB54) <br /> WHEREAS, the City Council of the City of Centerville, Minnesota, does hereby find as <br /> follows: <br /> WHEREAS, the Governmental Accounting Standards Board's Statement number 54 defines <br /> special revenue funds as funds that are used to account for and report the proceeds of specific <br /> revenue sources that are restricted or committed to expenditure for specified purposes other than <br /> debt service or capital projects; <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; <br /> WHEREAS, the restricted or committed proceeds of specific revenue sources should be <br /> expected to continue to comprise a substantial portion of the inflows report in the fund; <br /> WHEREAS, other resources, including investment earnings and transfers from other funds <br /> may also be reported in the fund if those resources are restricted, committed, or assigned to the <br /> specified purpose of the fund; <br /> WHEREAS, investment earnings and transfers from other funds alone do not meet the <br /> definition of a specific revenue source; <br /> WHEREAS, Council action is required before year end to formalize the commitment of <br /> proceeds of specific revenue sources to specified purposes. <br /> NOW, THEREFORE, BE IT HEREBY PROCLAIMED by the City Council of the City of <br /> Centerville, Minnesota, that the specific revenue sources of each special revenue fund and the <br /> specific purpose for which they are restricted or committed are as follows: <br /> Restricted (This portion is optional since restriction is from external parties or imposed by law.) <br /> 24 <br />