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11/08/2010 <br />GASB 54 Governmental Fund Type Definitions <br />~., ,,.~a~.". <br />~~ <br />~~.. <br />~~ <br />~~ <br />M., <br />~~~ ~~ <br />~..,_,. <br />~u~ ~~ <br />~.~~~~ <br />~~~ <br />~~ <br />GASB 54 Fund Balance Policy <br />• Requirements of a Fund Balance Policy: <br />- Appropriate level of unassigned fund balance to be <br />maintained <br />- Circumstances which unassigned fund balance can be <br />"spent down" <br />- Policy/procedure for replenishing deficiencies <br />- Define steps required for committing funds <br />- Define person(s) with authority to express intended uses <br />that result in assigned funds. <br />- Establish the order of expenditure of funds by <br />classification as they become available <br />GASB 54 - 2009 Fund Balance Classifications <br />3 <br />