City Council Resolution 2011-113CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO 2011-113
COMMITTING FUND BALANCES OF VARIOUS CITY FUNDS
WHEREAS, the Governmental Accounting Standards Board's Statement #54 definition of
committed fund balance states that they be "used for specific purposes pursuant to constraints
imposed by formal action of the government's highest level of decision-making authority"; and
WHEREAS, the City has collected funds to be used for a specific purpose; and
WHEREAS, the City Council has already adopted Resolution #2011-84 committing the fund
balances of the DMV and Community Center Funds as special revenue funds.
NOW, THEREFORE, BE IT RESOL VED BY THE COUNCIL OF THE CITY OF
MONTICELLO that the following fund balances be committed as listed below effective
December 12, 2011;
Fund
Committed For
Amount or
General Fund
Working Capital
45% of Budgeted Expenditures
General Fund
Contingencies
5% of Budgeted Expenditures
Street Reconstruction Fund
Future Edmundson
$187,990.61
Street Reconstruction Fund
Future Elk Street
$10,300.00
Street Reconstruction Fund
Future 85th
$135,636.50
Street Reconstruction Fund
7th Street Extension
$600,000.00
Street Reconstruction Fund
Future Fenning Avenue
$202,077.55
Street Reconstruction Fund
Fallon Avenue
$72,015.00
Street Reconstruction Fund
Future Haug & 95th
$122,500.00
Street Reconstruction Fund
Highway 25 & 7th Street
$75,000.00
Capital Revolving Fund
Communications Improvements
$48,516.79
ADOPTED BY the Monticello City Council this 12th day of December, 2011.
CITY OF MONTICELLO
Clint Herbst, Mayor
ATTEST:
Jeff 'City Administrator