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CITY OF PEQUOT LAKES <br />RESOLUTION 12- <br />� <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 />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 <br />� Bobber Water Tower Fund <br />� Library Fund <br />FUND <br />CLASSIFICATION <br />Special Revenue Fund <br />Special Revenue Fund <br />FUND BALANCE <br />DEFINITION <br />Committed <br />Committed <br />Adopted by the City Council of the City of Pequot Lakes this 13th day of November, 2012. <br />ATTEST: <br />� <br />Sandra A. Peine, City Clerk <br />Nancy A. Adams, Mayor <br />