From
Diana Ortiz
Title
Ordinance 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 Annual Financial Report.
Financial Consideration
There is no fiscal impact by approving this item.
Body
AN ORDINANCE 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. Financial Condition and Reserves with GASB 54.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. In accordance with GASB 54, Capital Improvement Projects' fund balances that are not funded solely with bond proceeds require reporting in the restricted or committed category.
Section 2. The City of Grand Prairie commits fund balance and revenue sources of the Capital Improvement Project Funds at September 30, 2012 for purposes and a...
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