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3D, Fund Balance Policy and the New GASB 54 Statement
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3D, Fund Balance Policy and the New GASB 54 Statement
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10/24/2024 10:41:51 AM
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11/23/2011 10:33:34 AM
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Fund Balance Policy and the New GASB 54
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Fund Balance Policy and the New GASB 54
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Fund Balance Policy and the New GASB 54
Date
11/21/2011
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i��� <br />EN HILLS <br />CITY OF ARDEN HILLS <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />FINANCIAL POLICIES- <br />FUND BALANCE <br />Fund Balance and Net Asset Guidelines (Fiscal Year-End) <br />Purpose <br />k�� ��� �•��a ��* �*� The purpose of the fund balance policies is to establish ap}�ro}�i`iate fund balance <br />lcv�ls for eacl� fiand that is�ririiarilv sup�or-ted b�pra�crty taa i•evenues or uscr fees. 7'hese palicies wil( <br />ensLire that adequatc resources are availa:ble to riieet casl� flow needs for cart��iug out tlie re�ular <br />operations of the Citv as well as to tneet the fund balance requirements identiiicd in the Citv's Lon� <br />RangP Fin�i�cial Mana�ement Pla�i The iimd� thai will be addressed in this policv are: General Fund, <br />Cable Furid EDA Funds E�c i�ipment Buildin� & Re��lacement Fu.nd Parks Fund. Publio Safetv Cat�iial <br />Funti Perrnanent Improvenaent Revolviil r F� ,ul�d (PIR) Risk Manat7ernent :I� u:nd anci �;nterprise I'unds. <br />Primary Policy Considerations <br />1. To meet the cash flow requirements of the City. <br />2. To maintain adequate fund balances and net assets in each individual fund of the City. <br />3. To provide for emergencies and contingency needs of the City. <br />Policy Statements <br />1. The Finance Director as a part of the annual budget process shall prepare an analysis of this <br />. policy. The analysis shall project the status of the budget year ending fund balances and net <br />assets. <br />2. <br />` a+;�.,.,,.;.,� �+.,+,,,,,.,�.+.,,,..,, ;;�,� �The City Council authorizes fhe Director of Finance and <br />Administrative Services and/or City Administrator tc� assinn fund balance thai reflects the Citv's <br />intended �,rse of those Fimds. Wl�en bc�th resixicied and unrestY•icted resources are avai_lzble for <br />use it iti the Cit ��palicy to tirst u5e restricted res�urces and then use uilrestricted resouz•ces as <br />thev are needed When unrestricted resources are available for use, it is fhe Citv's polit tcy > use <br />resc�urce5 in the followin�.7 �rder� l) coiiimitted 2 assigned 3 unassi�ued These furad. ballnce <br />classific�tions a��l,y on� to Go�erni��enta:l Funds, not Entcrprise Funds. <br />3. The General Fund balance shall be �e��-t�ssigned as of December 31St for the following <br />purposes in the amounts described below: <br />I':\r'inance\I'olieies and Yroccdures\Yolicies\Fur� Balancc Policv-201l.dac":`:��„�_��^^`°^'�������� <br />r1 p �,a \U i' 'n \l� +�+rl R.}l..v.na D�l:,..� .-l�n <br />_�.-. _ �.,� _. _ , ._. „__ __...... ._ _"____ _ ________ _ - _" __ �J " __ .. _ . . <br />T.,r, ,,,,;�+,�,a i i i� ni�n� i�.� r nr�rAa�pted 11/28/201.1 <br />.....Tl 1 lYI.. � <br />
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