From
Diana G. Ortiz
Title
Resolution approving commitments of fund balances applicable to Capital Improvement Projects
Presenter
Diana G. Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
Governmental Accounting Standards Board (GASB) Statement 54 requires that governmental fund balances be reported in specifically defined categories: Nonspendable, Restricted, Committed, Assigned or Unassigned. There are several Capital Improvement Projects that are funded on a "pay as you go" basis and not funded solely from bond proceeds. Therefore, their fund balances qualify for the "Committed" definition for reporting purposes in the City's Comprehensive Financial Report.
The capital improvement projects' funds that are required to be reported in "Committed Fund Balance" in accordance to GASB 54 are the following:
Senior Center Fund (3182) Capital Reserve Fund (4025)
Municipal Facilities Fund (4050) Street Project Fund (4030)
Capital Lending Reserve Fund (4026) Equipment Acquisition Fund (4035)
Drainage Fund (4015) IT Equipment Acquisition Fund (4040)
Crime Tax CIP Fund (3207) Police Capital Project Fund (4010)
Library Capital Project Fund (4020)
Financial Consideration
There is no fiscal impact by approving this item.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, APPROVING COMMITMENTS OF FUND BALANCES APPLICABLE TO CAPITAL IMPROVEMENT PROJECTS
Whereas, the Governmental Accounting Standards Board (GASB) adopted Statement 54, a standard for governmental fund balance reporting and governmental fund type definitions that became effective in governmental fiscal years starting after June 15, 2010; and
Whereas, the City Council implemented GASB 54 requirements on September 20, 2011 and applied the requirements to its financial statements beginning with Fiscal Year End September 30, 2011; and
Whereas, on September 20, 2011 the City of Grand Prairie adopted revisions to the Financial Management Policy, Section IX. ...
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