HomeMy WebLinkAboutCouncil Resolution 1349RESOLUTION NO.
A RESOLUTION TO ADOPT GASB 54 FUND BALANCE REPORTING
FOR THE CITY OF CENTRAL POINT
RECITALS:
A. Prior to GASB 54, ending fund balances were specified as reserved, designated, or
unreserved; and
GASB 54, a statement by the Government Accounting and Standards requires fund
balances to be reported in classifications that "comprise a hierarchy based primarily on
the extent to which the government is bound to honor constraints on the specific
purposes for which amounts in those funds can be spent;" and
C. The ending balance for all funds must be designated per the following categories set
forth by GASB 54:
o Non -spendable— Funds which cannot be spent.
• Restricted—Amounts subject to externally enforceable legal restrictions (imposed
by grantors, contributors, governmental regulations, etc.).
• Committed—Amounts whose use is constrained by limitations that a government
imposes upon itself.
o Assigned— Intended use of resources established by the governing body itself, or by
an official or officers to which authority is delegated by the governing body.
• Unassigned —Available for any purpose (reported only in the General Fund).
D. The City Council wishes to establish guidelines for assigning balances; and
E. The City Council wishes to clarify the spending as it relates to ending fund balance
policy.
THE CITY OF CENTRAL POINT RESOLVES:
Section is Authority to classify portions of ending fund balance as assigned will be
delegated to the City Manager and/or Finance Director.
Section z: The order of spending as it relates to fund balance policy shall be: spending
of restricted fund balances on purposes for which such funds can be used to occur first
when funds are spent for restricted and unrestricted purposes. When restricted
classifications of fund balance are spent, the Council will consider that committed
amounts will be reduced first, followed by assigned amounts and then unassigned
amounts.
Passed by the Council and signed by me in authentication of its passage this December 13, zoiz.
Hank Williams, Mayor
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Deanna Casey, City