Laserfiche WebLink
REQUEST FOR ACTION <br />TO ITEM NUMBER <br />Ci Council 3.3. <br />AGENDA SECTION MEETING DATE PREPARED BY <br />Consent November 15, 2010 Lori Ziemer, Asst. Finance Director <br />ITEM DESCRIPTION REVIEWED By <br />Government Accounting Standards Board Statement No. 54 Tim Simon, Finance Director <br />Changes REVIEWED BY <br />^ General Fund Balance Policy Lori Johnson, City Administrator <br />^ Resolution Committing Specific Revenue <br />Sources in Special Revenue Funds <br />^ Resolution Committing General Fund <br />Balance for OPEB Obligation <br />^ Resolution Authorizing the Transfer of <br />Funds <br />ACTION REQUESTED <br />Council adoption of the following: <br />^ General Fund Balance Policy <br />^ A Resolution Committing Specific Revenue Sources in Special Revenue Funds <br />• A Resolution Committing General Fund Balance For OPEB Obligation <br />^ A Resolution Authorizing The Transfer of Funds <br />Adopt the General Fund Balance Policy and Resolutions Committing Specific Revenue Sources in Special <br />Revenue Funds, Committing General Fund Balance for OPEB Obligation, and Authorizing the Transfer <br />of Funds <br />BACKGROUND/DISCUSSION <br />As presented at the November 8 council work session, the Governmental Accounting Standards Board <br />(GASB) issued Statement No. 54, Fund Balance Deporting and Governmental Fund Type D~nition.r to address <br />issues related to how fund balance was being reported and to clarify the definitions of the governmental <br />fund types. Required implementation of Statement 54 would be for December 31, 2011, but the Finance <br />Department has decided to early implement Statement 54 for the fiscal year ending December 31, 2010. <br />General Fund Balance Policy <br />With the implementation of GASB 54, additional note disclosures of a government's fund balance policy <br />are required that are not addressed in the City's current fund balance policy. The City's fund balance <br />policy has been updated to include those additional note disclosures required by GASB 54. <br />Committing Specific Revenue Sources in Special Revenue Funds <br />GASB 54 makes clear that, for financial reporting purposes, a special revenue fund may only be <br />established to report one or more revenue sources that are restricted or committed to a specified purpose, <br />N:\Public Bodies\City Council\Council RCA\Agenda Packet\l 1-15-2010\GASB%2054%20Items%20Action%20Requested[1].docx <br />