Laserfiche WebLink
• The City Council authorizes the Finance Director and/or City Administrator to <br />assign fund balance that reflects the City's intended use of those funds. <br />• When both restricted and unrestricted resources are available for use, it is the <br />City's policy to first use restricted resources, and then use unrestricted resources <br />as they are needed. When committed, assigned or unassigned resources are <br />available for use, it is the City's policy to use resources in the following order; 1) <br />committed 2) assigned and 3) unassigned. <br />Definitions: <br />Fund balance -the difference between assets and liabilities reported in a governmental <br />fund. <br />Nonspendable fund balance -amounts that are not in a spendable form or are required <br />to be maintained intact. <br />Restricted fund balance -amounts subject to externally enforceable legal restrictions. <br />Unrestricted fund balance -the total of committed fund balance, assigned fund balance, <br />and unassigned fund balance. <br />Committed fund balance -amounts that can be used only for the specific <br />purposes determined by a formal action of the government's highest level of <br />decision-making authority. Commitments may be changed or lifted only by the <br />government taking the same formal action that imposed the constraint originally. <br />Assigned fund balance - amounts a government intends to use for a specific <br />purpose; intent can be expressed by the government body or by an official or body <br />to which the governing body delegates the authority. <br />Unassigned fund balance -residual amounts that are available for any purpose <br />in the general fund. <br />