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