HomeMy WebLinkAbout3N. Resolution 2012-054 Committing Fund Balances GASB 54
3N.
RESOLUTION NO. 2012-054
CITY OF FARIBAULT
COUNTY OF RICE
STATE OF MINNESOTA
RESOLUTION COMMITTING FUND BALANCES FOR SPECIFIC PURPOSES
WHEREAS, the City of Faribault(the “City”)does hereby find as follows:
WHEREAS, the Governmental Accounting Standards Board’s Statement No. 54 defines
committed fund balance as amounts that can only be used for specific purposes pursuant to
constraints imposed by formal action of the City; and
WHEREAS, the City is required to formalize the commitment of fund balance to specified
purposes; and
WHEREAS, those committed amounts cannot be used for any other purpose unless the City
removes or changes the specified use by taking the same type of action it employed to previously
commit those amounts.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Faribault,
Minnesota, that the specific portions of fund balance in the identified funds are committed as
follows:
FUNDDESCRIPTIONPURPOSEAMOUNT
Community DevelopmentOperationTo pay for operation ofthe $93,597
Fund 240Community Development
department.
Aquatic FacilityMaintenanceTo pay for future costs $62,194
Fund 253related to operation and
maintenance of the City
outdoor aquatic facility.
Municipal AirportMaintenanceTo pay for future costs $0
Fund 225related to operation and
maintenance of the
municipal airport.
General Government MaintenanceTo pay for future costs $58,916
Buildingsrelated to maintenance of
Fund 211City rental property.
Adopted by the City Council of the City of Faribaulton this 27thof March,2012.
_________________________________________
John R. Jasinski
Mayor
ATTEST:
___________________________________
Charles S. Whiting
City Administrator