HomeMy WebLinkAboutResolution No. 559-11 CPM
A RESOLUTION OF THE CITY OF ROCHESTER, MINNESOTA
COMMITTING CONSTRUCTION IMPROVEMENT FUND BALANCE AND REVENUES
FOR FUTURE AND ONGOING CONSTRUCTION PROJECTS
WHEREAS, the Governmental Accounting Standards Board's Statement #54 definition
of committed fund balance describes that portion of fund balance that represents resources
whose use is constrained by limitations that the government imposes upon itself at its highest
level of decision making; and,
WHEREAS, City Council action is required to formalize the commitment of the
construction improvement fund balance and revenues for specific purpose; and,
WHEREAS, Construction improvement fund revenues and fund balances are hearby
committed by the capital improvement plan addopted by the council each year, to the extent
not already restricted by agreements and extrernal sources.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Rochester that construction improvement fund balance will be committed for the City's future
Old onoing construction projects.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS /9 D OF �8�h ,2011.
PRESIDENT OF SAID COMMON COUNCIL
ATTEST:
TY CLERK
APPROVED THIS 0,o DAY OF , 2011.
ee I'm—
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
Resl Mesolu.CommitConstFunds