HomeMy WebLinkAbout12-041 Close Severance Compensation Fund
4646 Dakota Street S E
Prior Lake, MN 55372
RESOLUTION 1 2 - 041
A RESOLUTION
TO CLOSE SEVERANCE COMPENSATION FUND (F 230 )
Motion By: Hedberg Second By: Keeney
WHEREAS, Severance Compensation Fund (F 230 ) was established in 1992 as a Special
Revenue Fund to provide funding for vacation and sick lea ve payouts to eligible
employees leaving their employment with the City ; and
WHEREAS, Severance Compensation Fund (F230) does not qualify to be represented as a
Special Revenue Fund under Governmental Accounting Standards Board
(GASB) Statement No. 54 ; and
WHEREAS, Severance Compensation Fund (F701) has been established as an Internal
Service Fund which meets the reporting requirements of GASB Statement No.
54; and
WHEREAS, Severance Compensation Fund (F230) has approximately $562,000 in net
assets including cash and market value adjustmen t for investments .
NOW THEREFORE , BE IT HEREBY RESOLVE D BY THE CITY COUNCI L OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. Severance Compensation Fund (F230) is closed and all residual balances transferred to
Severance Compensation Fund (F701) , effective December 31, 2011.
PASSED AND ADOPTED THIS 2nd DAY OF APRIL 201 2 .
YES NO
Myser X Myser
Erickson X Erickson
Hedberg X Hedberg
Keeney X Keeney
Soukup X Soukup
______________________________
Frank Boyles, City Manager
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