R-2014-07 approve General Fund Commitments/Fund Balance Fiscal Year 2013-2014

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RESOLUTION NO. 2014-0 A RESOLUTION OF THE CITY OF LA PORTE, TEXAS, APPROVING GENERAL FUND COMMITMENTS OF FUND BALANCE FOR FISCAL YEAR 2013-2014; FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND SETTING AN EFFECTIVE DATE THEREOF. WHEREAS, the Governmental Accounting Standards Board (GASB) has issued its Statement No. 54, Fund Balance Reporting and Governmental Fund type definitions with the intent of improving financial reporting by providing fund balance categories that will be more easily understood; and WHEREAS, the City Council may adopt a resolution to commit General Fund fund balance for specific purposes by taking formal action and those committed amounts cannot be used for any other purpose unless the City Council removes or changes the specific use through the same formal action taken to establish the commitment; and WHEREAS, the City Manager has recommended to the City Council that the following commitment of the General Fund fund balance for Fiscal Year 2013-2014 be established and approved as follows: Utility Improvements $5,000,000.00 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, THAT: SECTION 1. The findings and recitations set out in the preamble to this Resolution are found to be true and ;correct and that they are hereby adopted by the City Council of the City of La Porte, Texas and made a part hereof for all purposes. SECTION 2. The City Council officially finds, determines, recites, and declares that a sufficient written notice of the date, hour place and subject of this meeting of the City Council was posted at a place convenient to the public at City Hall of the City for the time required by law preceding this meeting, as required by the Open Meetings Law, Chapter 551, Texas Government Code; and that this meeting has been open to the public as required by law at all times during which this Resolution and the subject matter thereof has been discussed, considered and formally acted upon. The City Council further ratifies, approves and confirms such written notice and the contents and posting thereof. INTRODUCED, READ and PASSED by the affirmative vote of a majority of the City Council of the City of La Porte, Texas, on this the 22nd day of September 2014.