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CITY OF PEQUOT LAKES <br />RESOLUTION 11- <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 />Adopted by the City Council of the City of Pequot Lakes this 1 St day of November, 2011. <br />ATTEST: <br />Sandra A. Peine, City Clerk <br />Nancy A. Adams, Mayor <br />FUND <br />FUND <br />CLASSIFICATION <br />FUND BALANCE <br />DEFINITION <br />Cemetery <br />Fund <br />Special <br />Revenue Fund <br />Committed <br />Fire Fund <br />Special <br />Revenue Fund <br />Committed <br />Business Park Fund <br />Special <br />Revenue Fund <br />Committed <br />Highway <br />371 Fund <br />Special <br />Revenue Fund <br />Committed <br />G O Equip <br />Cert 2010A Fund <br />Special <br />Revenue Fund <br />Restricted <br />TIF 1 -7 — <br />Babinski <br />Special <br />Revenue Fund <br />Restricted <br />TIF 1 -9 — <br />Lime Greenery <br />Special <br />Revenue Fund <br />Restricted <br />TIF 1 -11 <br />— Northern Tool <br />Special <br />Revenue Fund <br />Restricted <br />TIF 1 -13 <br />— Lonesome Cottage <br />Special <br />Revenue Fund <br />Restricted <br />General Fund <br />General Fund <br />Several definitions could <br />apply based on GASB 54 <br />requirements <br />Adopted by the City Council of the City of Pequot Lakes this 1 St day of November, 2011. <br />ATTEST: <br />Sandra A. Peine, City Clerk <br />Nancy A. Adams, Mayor <br />