TO: Mayor and City Commission
FROM: Douglas E. Smith, City Manager
DATE: September 16, 2015
Title
ADOPTING A FUND BALANCE POLICY AND ESTABLISHING COMMITTED REVENUE SOURCES WITH INTERNALLY SELF-IMPOSED LIMITATIONS PURSUANT TO GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) STATEMENT NO. 54; PROVIDING FOR AN EFFECTIVE DATE.
BACKGROUND: The Governmental Accounting Standards Board (GASB) clarifies how the City can use amounts reported as a fund balance. This agenda item provides for City Commission approval of the City’s Fund Balance Policy and establishes committed revenue sources, with internally self-imposed limitations on use of the funds which can only be amended upon resolution of the City Commission. This includes designating $1,060,302.39 as committed fund balance for Citizen Project Initiatives with the requirement for Commission approval for any initiatives to be funded.
RECOMMENDATION: For approval.
FISCAL IMPACT: This Policy establishes committed revenue sources, with limitations as to use of the funds, and does not create any new costs for the City.
CONTACT PERSON: Mary Beazley, Finance Director