File #: ID 14-1355    Version: 1 Name:
Type: Resolution Status: Passed
File created: 9/8/2015 In control: Regular City Commission Meeting
On agenda: 9/16/2015 Final action: 9/16/2015
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.
Attachments: 1. RESOLUTION

 

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.

 

 

Body

 

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