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Res. #11 -0 2 3 <br /> A RESOLUTION COMMITTING FUND BALANCES FOR SPECIFIC PURPOSES <br /> WHEREAS, the City Council of the City of Centerville, Minnesota, does hereby find as follows: <br /> WHEREAS, the Governmental Accounting Standards Board's Statement No. 54 defines committed <br /> fund balance as amounts that can only be used for specific purposes pursuant to constraints imposed by <br /> formal action of the Council, <br /> WHEREAS, Council action is required before year end to formalize the commitment of fund balance <br /> to specified purposes, <br /> WHEREAS, those committed amounts cannot be used for any other purpose unless the City removes <br /> or changes the specified use by taking the same type of action it employed to previously commit those <br /> amounts. <br /> NOW, THEREFORE, BE IT HEREBY PROCLAIMED by the City, that the specific portions of fund <br /> balance in the identified funds are committed as follows: <br /> Committed <br /> General Park and Recreation Volleyball Court $2,500.00 <br /> General Park and Recreation Concession Operation $714.00 <br /> General Park and Recreation 8K Run Proceeds $1,949.01 <br /> General Park and Recreation Signage Procurement $1,500.00 <br /> Trail Trail Loan Repayment $127,720.92 <br /> Adopted by the City Council of Centerville, Minnesota this 12th day of October, 2011. <br /> Tom Wilharber, Mayor <br /> Teresa Bender, Clerk <br />