Res 11-60RESOLUTION NO. 2011-60
CITY OF OTSEGO
COUNTY OF WRIGHT, MINNESOTA
COMMITTING SPECIFIC REVENUE SOURCES IN SPECIAL REVENUE FUNDS
WHEREAS, the City Council of the City of Otsego, Minnesota, does hereby find as
follows;
WHEREAS, the Governmental Accounting Standards Board's Statement number 54
defines special revenue funds as funds that are used to account for and report the
proceeds of specific revenue sources that are restricted or committed to expenditure
for specified purposes other than debt service or capital projects;
WHEREAS, the term proceeds of specific revenue sources establishes that one or more
specific restricted or committed revenues should be the foundation for a special
revenue fund;
WHEREAS, the restricted or committed proceeds of specific revenue sources should be
expected to continue to comprise a substantial portion of the inflows report in the fund;
WHEREAS, other resources, including investment earnings and transfers from other
funds may also be reported in the fund if those resources are restricted, committed, or
assigned to the specified purpose of the fund;
WHEREAS, investment earnings and transfers from other funds alone do not meet the
definition of a specific revenue source;
WHEREAS, Council action is required before year end to formalize the commitment of
proceeds of specific revenue sources to specified purposes.
NOW, THEREFORE, BE IT HEREBY PROCLAIMED by the City Council of the City of
Otsego, Minnesota that the specific revenue sources of each special revenue fund and
the specific purpose for which they are committed are as follows:
Committed
Fund
Specific Revenue Sources
Purpose
Street Lighting (225)
Charges for services.
To account for maintenance
of lighting system.
Community Development and
Licenses and Permits
Account for building
Building Safety (250)
code/inspection services.
The foregoing resolution was passed by the City Council of the City of Otsego this 28
day of November, 2011.
MOTION BY: CM HEIDNER
SECOND BY: CM SCHARBER
ALL IN FAVOR: MAYOR STOCKAMP; COUNCILMEMBERS: HEIDNER, SCHAREBR,
DARKENWALD AND SCHROEDER
THOSE OPPOSED: NONE
CITY OF OTSEGO, MINNESOTA
Jessica Stockamp, Maynr
ATTEST
By:
Tami Loff, City Clerk