HomeMy WebLinkAbout20-151CITY OF LAKEVILLE
RESOLUTION NO. 20-151
RESOLUTION COMMITTING GENERAL FUND BALANCE FOR SPECIFIC PURPOSES
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 Council; and
WHEREAS, Council action is required before year end to formalize the commitment of
fund balance to specified purposes; and
WHEREAS, those committed amounts cannot be used for any other purposes unless the
City removes or changes the specified use by taking the same type of action it employed to
previously commit those amounts; and
WHEREAS, the City Council is supportive of funding the liability for compensation that
will be due to employees upon retirement/resignation over a four-year phase-in period;
and
WHEREAS, the City Council committed $100,000 towards the targeted funding level in
2019 and supports committing an additional $100,000 in 2020.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville,
Minnesota that the specific portion of fund balance in the identified fund is committed as
follows:
General To partially fund projected compensated leave liability. $200,000
ADOPTED by the Lakeville City Council this Th day of December 2020.
Douglas P. Anderson, Mayor
Charlene Friedges, City Ci c