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RESOLUTION COMMITTING SPECIFIC REVENUE SOURCES <br />IN SPECIAL REVENUE FUNDS <br />Whereas, the Governmental Accounting Standards Board's Statement #54 definition of <br />special revenue funds states that special revenue funds are used to account for and report the <br />proceeds of specific revenue sources that are restricted or committed to expenditures for <br />specified purposes other than debt service or capital projects; and, <br />Whereas, the term "proceeds of specific revenue sources" establishes that one or more <br />specific restricted or committed revenues should be the foundation for a special revenue fund and <br />comprise a substantial portion of the fund's revenues; and, <br />Whereas, investment earnings and transfers from other funds do not meet the definition <br />of a specific revenue source; and, <br />Whereas, council action is required to formalize the commitment of the specific revenue <br />sources to specified purposes. <br />Now, therefore, be it resolved by the City Council of the City of Elk River that effective <br />November 15, 2010 the specific revenue source of each special revenue fund and the specific <br />purposes for which they are committed are as follows: <br />SpecialReveuue fund Specific ~Zev~;nue Sources Committed For <br />Library i ax levy Library maintenance and improvements <br />Ice arena Charges for services Ice arena operations, maintenance and <br />improvements <br />Pinewood go}fcourse Charges for services Golf course operations, maintenance and <br />improvements <br />Senior citizens Activity tees, donations Senior citizen activities and programs <br />Micro loan Loan payments Financing for economic development <br />projects <br />Development Fund Tax levy, development fees Committed to promote economic <br />development activities <br />Insurance reserve Insurance dividend Insurance deductibles, litigation costs <br />and safe ro am <br />