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~; <br />~~L~-~ct~+ ~~ ~~~re~ <br />11/08/2010 <br />--~F ~4 - <br />FUND BALANCE REPORTING AND <br />GOVERNMENTAL FUND TYPE <br />DEFINITIONS <br />GASB 54 Fund Balance Reporting <br />• Better consistency in easier to understand <br />and apply fund balance classifications <br />• Provides clearer hierarchy of fund balance <br />classifications based on constraints <br />• Clarifies governmental fund types <br />• Applies only to governmental funds <br />• Required implementation for fiscal years first ending <br />June 30, 2011 and early implementation is encouraged. <br />GASB 54 Fund Balance Reporting <br />• Current fund balance classifications: <br />Reserved (legally restricted or unavailable for spending) <br />Unreserved: <br />- Designated <br />- Undesignated <br />1 <br />