RES 10-61• RESOLUTION 10-~~
A RESOLUTION OF THE CITY OF ELK RIVER
A RESOLUTION COMMITTING GENERAL FUND BALANCE
FOR OPEB OBLIGATION
WHEREAS, The Governmental Accounting Standards Board's Statement #54 definition of
committed fund balance describes that portion of fund balance that represents resources whose use
is constrained by limitations that the government imposes upon itself at its highest level of decision-
making; and,
WHEREAS, City Council action is required to formalize the commitment of the general fund
balance for specific purposes; and,
WHEREAS, It has been determined to commit general fund balance for the City's other
postemployment benefit (OPEB) obligation in the amount as determined each year by the annual
audit.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River that
general fund balance will be committed for the City's OPEB obligation.
• Passed and ~'
adopted this 15 day of November 2010.
y
Step nie Klinzing,
ATTEST:
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Tina Allard, City Clerk
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