RES 11-18RESOLUTION NO.: 2011 -18
CITY OF OTSEGO
COUNTY OF WRIGHT, MINNESOTA
A RESOLUTION ADOPTING A FUND BALANCE POLICY.
WHEREAS, the City of Otsego is implementing the Governmental Accounting
Standards Board (GASB) No. 54 for the financial reporting year, which creates new
classifications for reporting the components of fund balance; and,
WHEREAS, the City Council finds it necessary to establish a policy regarding
Governmental Accounting Standards Board (GASB) No. 54 and fund balance; and,
WHEREAS, the Finance Director has prepared a Fund Balance Policy attached
hereto; and,
WHEREAS, the Administrative Subcommittee on 9 March 2011 reviewed the
Fund Balance Policy and recommends it's approval.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Otsego
that the Fund Balance Policy is hereby adopted and shall be in full force and effect.
MOTION BY: CM HEIDNER
SECOND BY: CM SCHARBER
ALL IN FAVOR: MAYOR STOCKAMP; COUCNILMEMBERS: HEIDNER, SCHARBER, SCHROEDER AND
DARKENWALD
THOSE OPPOSED: NONE
ADOPTED by the City Council of the City of Otsego this 11th day of April
2011.
ATTEST: cj6�� �4�
Tami Loff, City Clerk
CITY OF OTSEGO
FA