4.10. SR 12-19-2016 - Laserfiche WebLink

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Eclty1� ,.,�� Request for Action River To Item Number Mayor and City Council 4.10 Agenda Section Meeting Date Prepared by Consent December 19, 2016 Lori Ziemer, Finance Director Item Description Reviewed by Resolution Removing Commitment of General Cal Portner, City Administrator Fund Balance For OPEB Obligation Reviewed by Action Requested Adopt,by motion, the resolution removing the commitment of General Fund balance for OPEB obligation. Background/Discussion In 2010, the city implemented Governmental Accounting Standards Board (GASB) Statement No. 54 and adopted the Fund Balance Policy distinguishing fund balance classifications based on the constraints that control the purposes for which specified amounts can be spent. The Fund Balance Policy is included in the city's Financial Management Policy and is reviewed annually. As stated in the Fund Balance Policy, committed fund balance is amounts that can be used only for the specific purposes determined by a formal action of the government's highest level of decision-making authority,which is by resolution. Commitments may be changed or lifted only by the government taking the same formal action that imposed the constraint originally. On November 15, 2010, Resolution 10-61 was adopted formalizing the commitment of General Fund balance for the city's other post-employment benefit (OPEB) obligation in the amount as determined each year by the annual audit. Staff recommends removal of this constraint as there is no financial management benefit in maintaining the commitment of General Fund balance for the OPEB obligation. Commitment of General Fund balance may only be removed by resolution,which is the same formal action that imposed the constraint. Financial Impact N/A Attachments ■ Fund Balance Policy ■ Resolution 10-61 Committing General Fund Balance For OPEB Obligation ■ Resolution Removing Commitment of General Fund Balance For OPEB Obligation POWERED 6T Template Updoted 4/14 INAWRE1