Laserfiche WebLink
RESOLUTION 10-~p_ <br />• A RESOLUTION OF THE CITY OF ELK RIVER <br />A RESOLUTION COMMITTING SPECIFIC REVENUE SOURCES <br />IN SPECIAL REVENUE FUNDS <br />WHEREAS, The Governmental l~ccounting 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 specified <br />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 of a <br />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 Ciry Council of the City of Elk River that <br />effective November 15, 2010 the specific revenue source of each special revenue fund and the <br />specific purposes for which they axe committed are as follows: <br />SpecialRevenue Fund Specifc Revenue Sources Gortu~uttea-For <br />Library Tax levy Lbrary maintenance and unprovements <br />Ice arena Charges for services Ice arena operations, maintenance and <br />improvements <br />Pinewood golf course Charges for services Golfcourse operations, maintenance and <br />improvements <br />Senior citizens Activity fees, 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 />• <br />