5K, GASB 54 Revenue Commitments and Fund Changes

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Memo City Council Fund Balance Policy and the New GASB 54 Statement 3 The second change is related to fund balance commitments. To meet the definition of committed fund balance, the Council is required to adopt a resolution "committing" specific revenues prior to the end of the year. The commitments made by the Council cannot change without Council taking similar action to remove them. The final change is related to the City's Fund Balance Policies which the Council adopted at the last meeting on November 28, 2011. DIRECTION REQUESTED: 1. Motion to approve the reclassification/elimination effective January 1, 2011 of • The Risk Management Fund from a Special Revenue fund to an Internal Service Fund • The Parks Fund from a Special Revenue fund to a Capital fund � The elimination of the Community Service fund and its contents transferred to the Public Safety Capital fund • The elimination of the TCAAP fund and its contents transferred to a department in the General fund. 2. Motion to approve Resolution 2011-060, a resolution committing specific revenue sources in Special Revenue funds.