Resolution 14-04 GASB Adoption

WHEREAS, the City of Mountain Iron will be required to implement Governmental Accounting Standards Board (GASB) Statement No. 34 (Basic Financial statements and Management�s Discussion and Analysis for State and Local Governments) by the end of fiscal-year December 31, 2004, and;

WHEREAS, Statement No. 34 establishes new financial reporting requirements for state and local governments thorough out the United States, and;

WHEREAS, when implemented, it will create new information and will restructure much of the information that the City of Mountain Iron has presented in its annual reports in the past, and;

WHEREAS, the intent of these new requirements is to make annual reports more comprehensive and easier to understand and use, and;

NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF MOUNTAIN IRON, MINNESOTA, that the City adopts the GASB 34 Implementation Plan as attached hereto in its entirety.

BE IT FURTHER RESOLVED BY THE MOUNTAIN IRON CITY COUNCIL, that the City Administrator is the designated official to implement the attached GASB 34 Implementation Plan and all tasked outlines in the said plan are to be assigned or performed by the City Administrator as appropriate.

DULY ADOPTED BY THE CITY COUNCIL THIS 5th DAY OF APRIL, 2004.