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5K, GASB 54 Revenue Commitments and Fund Changes
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5K, GASB 54 Revenue Commitments and Fund Changes
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10/24/2024 11:13:08 AM
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12/12/2011 8:05:10 AM
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December 12 2011 Reg City Council Meetin
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Memo <br />City Council <br />Fund Balance Policy and the New GASB 54 Statement <br />2 <br />Committed fund balance — Fund balance should be reported as committed for amounts that can <br />only be used for specific purposed uses pursuant to constraints imposed by formal action of the <br />government's highest level of decision-making authority (City Council). Commitments may be <br />changed or lifted only by the government taking the same formal action that imposed the <br />constraint originally. An example of committed fund balance would be the City Council <br />committin� funds for economic development purposes. <br />Assigned fund balance — Amounts that are constrained by the government's intent to be used for <br />specific purposes, but are neither restricted nor committed, should be reported as assigned fund <br />balance. Assigned fund balance includes (a) all remaining amounts (except for negative <br />balances) that are reported in governmental funds other than the general fund, that are not <br />classified as nonspendable and are neither restricted nar committed and (b) amounts in the <br />general fund that are intended to be used for a specific purpose in accordance with iirst sentence <br />of this paragraph. Intent can be expressed by the government body or by an official or body to <br />which the governing body delegates the authority (Director of Finance and Administrative <br />Services and/or City Administrator). An example of assigned fund balance would be the City's <br />portion of a construction project where other funding was received with the requirement of a <br />match. <br />Unassigned fund balance — residual amounts that are available for any purpose in the general <br />fund. This category can only be found in the general funds, as by being in any other fund, the <br />City has stated its intent to use if for the purpose of that fund. <br />Committed, assigned, and unassigned fund balance combine to make unrestricted fund balance. <br />Chan�es Due to GASB 54 <br />This does not change how the City of Arden Hills conducts business. All of the changes will be <br />from a presentation standpoint in the City's Comprehensive Annual Financial Report (CAFR) <br />and the Fund Balance Policies. This will also affect how we present the budget. Other than the <br />new classifications being presented in the CAFR and budget, there are several other changes of <br />note. <br />One change will be related to the classification of the City's current Special Revenue Funds. <br />The only funds that will remain Special Revenue Funds will be the Cable Fund and the EDA <br />funds. The Cable Fund has external restrictions and the EDA is a blended component unit of the <br />City which requires this to be reported as a Special Revenue Fund. The Community Service <br />Fund and Parks Fund are used for capital purposes and thus, reassigned to Capital Funds. Since <br />the charitable gambling revenue (currently in the Community Service Fund) is restricted for <br />public safety capital uses, this will be folded into the Public Safety Capital Fund and the Parks <br />Fund will just be moved to the Capital Fund category. Per GASB 54, TCAAP must be folded <br />into the General Fund as a department, thus eliminating the need to transfer General Fund <br />monies to sustain this fund, and Risk Management will be moved to an Internal Service Fund. <br />
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