Title
FUND BALANCE POLICY.
Presented by: Chris Chronis, CFO.
RECOMMENDED ACTION: Approve the revised policy and sign the resolution.
Body
The Governmental Accounting Standards Board (GASB) recently issued GASB Statement No. 54 to enhance the usefulness of fund balance information by providing clearer fund balance classifications. The classifications comprise a hierarchy based primarily on the extent to which a government is bound to observe constraints imposed upon the use of resources reported in governmental funds. This revised policy incorporates GASB's new terminology while maintaining the intent of the original policy.
Alternatives: We could choose to not adopt GASB 54, but doing so would result in a less than favorable opinion from our external auditors.
Financial Considerations: N/A
Legal Considerations: The Resolution adopts the revised policy and repeals Resolution No. 124-2006. Approval is by simple majority vote.
Policy Considerations: N/A
Outside Attendees: N/A
Multimedia Presentation: None