19-011,• •' iii
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WHEREAS, the City Council of the City of Shorewood, Minnesota, does hereby find as
follows:
WHEREAS, the Governmental Accounting Standards Board's Statement number 54 defines
special revenue funds as funds that are used to account for and report the proceeds of specific
revenue sources that are restricted or committed to expenditure for specified purposes other
than debt service or capital projects;
WHEREAS, the term proceeds of specific revenue sources establishes that one or more
specific restricted or committed revenues should be the foundation for a special revenue fund;
WHEREAS, the restricted or committed proceeds of specific revenue sources should be
expected to continue to comprise a substantial portion of the inflows report in the fund;
WHEREAS, other resources, including investment earnings and transfers from other funds
may also be reported in the fund if those resources are restricted, committed, or assigned to the
specified purpose of the fund;
WHEREAS, investment earnings and transfers from other funds alone do not meet the
definition of a specific revenue source;
WHEREAS, Council action is required before year end to formalize the commitment of
proceeds of specific revenue sources to specified purposes.
NOW, THEREFORE, BE IT HEREBY PROCLAIMED by the City Council of the City of
Shorewood, Minnesota, that the specific revenue sources of each special revenue fund and the
specific purpose for which they are restricted or committed are as follows:
ADOPTED BY THE CITY COUNCIL OF THE CITY OF SHOREWOOD this 14th day of January,
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Shorewood Community &
Rents, program fees, interest
Account for community center
Event Center
income, transfers in
activities and events
ADOPTED BY THE CITY COUNCIL OF THE CITY OF SHOREWOOD this 14th day of January,
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ATTEST:
Sandie Thone, City Clerk