HomeMy WebLinkAboutResolution No. 11-7279
RESOLUTION NO. 11-7279
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
CLASSIFYING THE VARIOUS COMPONENTS OF FUND BALANCE AS DEFINED
IN GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 54
AND PROVIDING OTHER AUTHORIZATIONS AND DISCLOSURES AS REQUIRED
BY THE STATEMENT.
WHEREAS,
the Governmental Accounting Standards Board (GASB) has issued its
Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions with the
intent of improving financial reporting by prov iding fund balance categories that will be more
easily understood; and
WHEREAS,
the City Council of the City of Dow ney has considered Administrative Policy
No. 324 entitled “Financial Policy for GASB 54” which outlines the policy and procedures
enacted to accurately categorize and report fund balance in the Governmental Fund; and
WHEREAS,
the new classification reflect an approach that focuses, not on financial
resources available for appropriation within a fund, but on the extent to which amount in the
fund can be spent; and
WHEREAS,
the City Council of the City of Downey designates the City Manager and
Director of Finance as the City official to determine and define the amounts of those
components of fund balance that are classified as “Assigned Fund Balance”; and
WHEREAS,
the classification and reporting of fund balance components as required by
Governmental Accounting Standards Board Statement No. 54 becomes effective, starting with
the 2010-11 fiscal year reporting.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1.
The City adopts the Governmental Accounting Standards Board (GASB)
Statement No. 54 and authorizes and directs City Manager and Director of Finance to
implement the policy hereby established.
SECTION 2.
The City authorize the City Manager or Director of Finance to determine
and define amounts of those components of fund balance that are classified as “Assigned Fund
Balance” and direct the preparation of financial reports which accurately categorize fund
balance and provide other disclosure as required by the Statement.
SECTION 3.
The City Clerk shall certify to the adoption of this Resolution.
APPROVED AND ADOPTED
this 28th day of June, 2011.
LUIS H. MARQUEZ
LUIS H. MARQUEZ, Mayor
ATTEST:
JOYCE E. DOYLE
JOYCE E. DOYLE, Interim City Clerk
RESOLUTION NO. 11-7279
PAGE TWO
I HEREBY CERTIFY
that the foregoing Resolution was adopted by the City
Council of the City of Downey at a regular m eeting held on the 28th day of June, 2011, by the
following vote, to wit:
AYES: Council Members: Brossmer, Gafin, Guerra, Vasquez, Mayor Marquez
NOES: Council Member: None
ABSENT: Council Member: None
ABSTAIN: Council Member: None
JOYCE E. DOYLE
JOYCE E. DOYLE, Interim City Clerk