RES 10-60RESOLUTION 10-~p_
• A RESOLUTION OF THE CITY OF ELK RIVER
A RESOLUTION COMMITTING SPECIFIC REVENUE SOURCES
IN SPECIAL REVENUE FUNDS
WHEREAS, The Governmental l~ccounting 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.
• NOW, THEREFORE, BE IT RESOLVED by the Ciry Council of the City of Elk River that
effective November 15, 2010 the specific revenue source of each special revenue fund and the
specific purposes for which they axe committed are as follows:
SpecialRevenue Fund Specifc Revenue Sources Gortu~uttea-For
Library Tax levy Lbrary maintenance and unprovements
Ice arena Charges for services Ice arena operations, maintenance and
improvements
Pinewood golf course Charges for services Golfcourse operations, maintenance and
improvements
Senior citizens Activity fees, donations Senior citizen activities and programs
Micro loan Loan payments Financing for economic development
projects
Development Fund Tax levy, development fees Committed to promote economic
development activities
Insurance reserve Insurance dividend Insurance deductibles, litigation costs
and safe ro am
•
Passed and adopted this 15`h day of November 2010. •
Steph 'e Klinzing,
I~TTEST:
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Tina Allard, City Clerk