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CITY OF PEQUOT LAKES <br /> RESOLUTION 11-22 <br /> RESOLUTION ESTABLISHING FUND BALANCE REPORTING AS REQUIRED BY <br /> GASB 54 <br /> WHEREAS, The Governmental Accounting Standards Board has adopted Statement 54, a new <br /> standard for governmental fund balance reporting and governmental fund type <br /> definitions; and <br /> WHEREAS, The City of Pequot Lakes elects to implement GASB 54 requirements, and to <br /> apply such requirements in accordance with GASB 54, to its financial statements <br /> beginning with calendar year 2011; and <br /> NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF PEQUOT <br /> LAKES,MINNESOTA to adopt the following fund balance reporting policies and definitions <br /> according to GASB 54. <br /> FUND FUND BALANCE <br /> FUND CLASSIFICATION DEFINITION <br /> Cemetery Fund Special Revenue Fund Committed <br /> Fire Fund Special Revenue Fund Committed <br /> Business Park Fund Special Revenue Fund Committed <br /> Highway 371 Fund Special Revenue Fund Committed <br /> G 0 Equip Cert 2010A Fund Special Revenue Fund Restricted <br /> TIF 1-7-Babinski Special Revenue Fund Restricted <br /> TIF 1-9-Lime Greenery Special Revenue Fund Restricted <br /> TIF 1-11 -Northern Tool Special Revenue Fund Restricted <br /> TIF 1-13 -Lonesome Cottage Special Revenue Fund Restricted <br /> General Fund General Fund Several definitions could <br /> apply based on GASB 54 <br /> requirements <br /> Adopted by the City Council of the City of Pequot Lakes this 1st day of November, 2011. <br /> Nancy A. Adams, Mayor <br /> ATTEST: �..�-d+ (�• �.�.�-%tip <br /> Sandra A. Peine, City Clerk <br />