HomeMy WebLinkAboutResolution 2011-40 - GASB 54 Special Revenue FundsM
City of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2011 -40
Motion By: Milbrandt
Seconded By: Cossette
December 19, 2011
RESOLUTION FOR COMMITTING SPECIFIC REVENUE SOURCES FOR SPECIFIED
PURPOSES IN SPECIAL REVENUE FUNDS RELATED TO GASB 54
WHEREAS, the City Council of the City of Corcoran, Minnesota, does hereby find as follows:
WHEREAS, the Governmental Accounting Standards Board's Statement number 54 defines special
revenue funds as funds that are used to account for and report the proceeds of specific revenue sources
that are restricted or committed to expenditure for specified purposes other than debt service or capital
projects;
WHEREAS, the term proceeds of specif c revenue sources establishes that one or more specific
restricted or committed revenues should be the foundation for a special revenue fund;
WHEREAS, the restricted or committed proceeds of specific revenue sources should be expected to
continue to comprise a substantial portion of the inflows report in the fund;
WHEREAS, other resources, including investment earnings and transfers from other funds may also
be reported in the fund if those resources are restricted, committed, or assigned to the specified purpose of
the fund;
WHEREAS, investment earnings and transfers from other funds alone do not meet the definition of a
specific revenue source;
WHEREAS, Council action is required before year end to formalize the commitment of proceeds of
specific revenue sources to specified purposes.
NOW, THEREFORE, BE IT HEREBY PROCLAIMED by the City Council of the City of Corcoran,
Minnesota, that the specific revenue sources of each special revenue fund and the specific purpose for
which they are committed are as follows:
Committed
n . `
i
Spcif�c.Re�enue.Soiirce.
Kn�.
Reserve Donations
Contributions/Donations
Support Police Reserve Program
Police Donations
Contributions /Donations
Support Public Safety
Page 1 of 2
City of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2011 -40
December 19, 2011
Firearms Safety
Registration Fees,
Contributions /Donation s
Firearms Safety Education
Truck Safety
Contributions /Donations
Truck Safety Education
VOTING AYE
❑ Guenthner, Ken
❑ Asleson, Rich
❑ Cossette, Tom
Z Gmach, George
❑ Milbrandt, Rosalyn
VOTING NAY
❑ Guenthner, Ken
❑ Asleson, Rich
❑ Cossette, Tom
❑ Gmach, George
❑ Milbrandt, Rosalyn
The foregoing resolution was passed by the City Council of the City of Corcoran this 19 "' day of
December, 2011.
ATTEST:
t r
?.anie Heinecke — City Clerk
Kenneth Guenthner - Mayor
Page 2 of 2
City Seal