11.02 - GASB 54 - Laserfiche WebLink

Home Browse Search

In addition, governments will be required to disclose more information in the notes to financial statements about amounts reported in fund balance as follows. • The authority for establishing stabilization arrangements (i.e. statute or ordinance). • The requirements for additions to the stabilization amounts. • The conditions under which the stabilization amounts may be spent. • The stabilization balance, if not apparent on the face of the financial statements. • Policies and procedures for committed fund balance including the City's highest decision making authority and the formal action required to establish, modify, or rescind a commitment. • Policies and procedures for assigned fund balance including the body or official authorized to "assign" fund balance amounts for a specific purpose and the policy established by the council to which that authority is given. • Policies and procedures on whether to use restricted or unrestricted amounts for expenditures when both are available and when unrestricted fund balance is to be used. If unrestricted is to be used, we must disclose the order (committed, assigned, unassigned) that will be used first, second, and third. On September 15, 2011, we met with Doug Host from LarsonAllen to determine the new defmitions to apply to the City's fund balances. Per this meeting, I am requesting approval of the attached resolution establishing fund balance reporting in accordance with GASB 54 regulations. Thank you.