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EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE * * * * * * * * * * * Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, County of Ramsey, Minnesota was duly held on the 28th day of November 2011 at 6:00 p.m. The following members were present: Willmus, Johnson, McGehee and Roe and the following were absent: Pust Member McGehee introduced the following resolution and moved its adoption: RESOLUTION No. 10950 RESOLUTION ADOPTING FUND BALANCE CATEGORIZATIONS WHEREAS, the City Council of the City of Roseville, Minnesota desires to adhere to generally accepted governmental accounting and financial reporting standards; and WHEREAS, the Governmental Accounting Standards Board (GASB) is nationally recognized as the industry standard-bearer for governmental accounting and financial reporting requirements; and WHEREAS, the GASB has adopted Statement #54; which prescribes a new requirement designed to enhance and clarify fund balance classifications and to promote greater consistency in governmental financial reporting; and WHEREAS,the GASB has further prescribed that this new requirement be accompanied by a Fund Balance Policy and Spending Prioritization Policy, which is presented in Exhibit A. NOW,THEREFORE,BE IT RESOLVED,by the City Council of the City of Roseville,Minnesota,that the categorizations and policies related to GASB Statement#54 as shown in Exhibit B be adopted and remain in effect until such time that a subsequent policy action is taken. The motion for the adoption of the foregoing resolution was duly seconded by Member Johnson and upon a vote being taken thereon, the following voted in favor thereof: Willmus, Johnson, McGehee and Roe and the following voted against the same: none. WHEREUPON, said resolution was declared duly passed and adopted.