HomeMy WebLinkAboutRES CC 2011 3036 2011 0615RESOLUTION NO. 2011 -3036
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, ADOPTING GASB 54, FUND
BALANCE REPORTING AND GOVERNMENTAL FUND
TYPE DEFINITIONS
WHEREAS, the Governmental Accounting Standards Board (GASB) issued
Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions
(GASB 54); and
WHEREAS, for financial statement reporting purposes, GASB 54 defines
Nonspendable amounts as those that are not in a spendable form or are required to be
maintained intact; and
WHEREAS, for financial statement reporting purposes, GASB 54 defines
Restricted amounts as those that are constrained to specific purposes by their providers
through constitutional provisions or enabling legislation; and
WHEREAS, for financial statement reporting purposes, GASB 54 defines
Committed amounts as those constrained to specific purposes by the government itself;
and
WHEREAS, for financial statement reporting purposes, GASB 54 defines
Assigned amounts as those the government intends to use for a specific purpose; and
WHEREAS, the City Council adopted Policies Resolution No. 2010 -2959 on
October 20, 2010, and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. Commitments and Assignments of Fund Balance:
Governmental Accounting Standards Board Statement No. 54, Fund Balance Reporting
and Governmental Fund Type Definitions, provides the City with a method to self -
classify fund balance for financial statement reporting purposes.
A. Committed Fund Balance
Fund balance may be committed to specific purposes using its highest level of
decision - making authority, the City Council. It is the City Council's policy that
commitments of fund balance for a fiscal year must be adopted by resolution
prior to fiscal year end, June 30th. Amounts that have been committed by the
City Council cannot be used for any other purposes unless the City Council
adopts another resolution to remove or change the constraint.
Resolution 2011 -3036
Page 2
B. Assigned Fund Balance
The General Fund balance may be assigned for amounts the City Council
intends to use for a specific purpose. It is the City Council's policy that
assignments of fund balance for a fiscal gear must be approved by the City
Council prior to the fiscal year end, June 30t . Any changes to assignments must
also be made by the City Council.
It is the City Council's policy to spend classified fund balance in the following
order when amounts in more than one classification are available for a particular
purpose:
1. Restricted Fund Balance — amounts constrained to specific purpose by
their providers through constitutional provisions or enabling legislation.
Examples include grants, bond proceeds and pass- through revenue from
other levels of governments.
2. Committed Fund Balance — amounts constrained to specific purpose by
resolution of the City Council.
3. Assigned Fund Balance — amounts which are intended to be used for a
specific purpose, expressed by the City Council.
4. Unassigned Fund Balance — amounts available for any purpose in the
General Fund.
SECTION 2. The City Council designates the following Committed Fund
Balances: Library Fund (1010) for the purpose of providing library services.
SECTION 3. The City Council designates the following Assigned Fund Balances
for the future design and construction of infrastructure improvement projects: Capital
Projects (4000), City Hall Improvement (4001), Police Facilities (4002), Equipment
Replacement (4003). Special Projects (4004), Moorpark Highlands (4010), MRA 2001
Bond Proceeds (2904), MRA 2006 Bond Proceeds, (2905).
SECTION 4. City staff is hereby directed to incorporate the contents of this
resolution in the next update of the City Council Policies Resolution.
Resolution 2011 -3036
Page 3
SECTION 5. The City Clerk shall certify to the adoption of this resolution and
shall cause a certified resolution to be filed in the book of original Resolutions.
PASSED AND ADOPTED this 15th day of June, 2011.
ATTEST:
Maureen Benson, City Clerk
Q �ne S. Parvin, Mayor
Resolution 2011 -3036
Page 4
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Maureen Benson, City Clerk of the City of Moorpark, California, do hereby
certify under penalty of perjury that the foregoing Resolution No. 2011 -3036 was
adopted by the City Council of the City of Moorpark at a regular meeting held on the
15th day of June, 2011, and that the same was adopted by the following vote:
AYES: Councilmembers Mikos, Pollock, Van Dam, and Mayor Parvin
NOES: None
ABSENT: Councilmember Millhouse
ABSTAIN: None
WITNESS my hand and the official seal of said City this 6th day of July, 2011.
Maureen Benson, City Clerk
(seal)