My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
06-12-2019 Workshop & Council Packet
>
City Council Packets
>
2010-2019
>
2019
>
06-12-2019 Workshop & Council Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
7/8/2019 2:05:42 PM
Creation date
7/8/2019 1:51:56 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
120
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
14 <br />SECTION 6 - FUND BALANCE –GOVERNMENTAL FUNDS <br />Purpose <br />The City is committed to maintaining a stable financial environment for the City’s operations that <br />allows the City to provide quality services to its residents in a fiscally responsible manner. This <br />policy also provides a measure of financial protection against unanticipated events that would <br />adversely affect the financial condition of the City and jeopardize the continuation of necessary <br />public services. <br />This policy will ensure that the City maintains adequate fund balance and reserves in order to: <br /> Provide sufficient cash flow for daily financial needs <br /> Secure and maintain bond ratings <br /> Offset significant economic downturns or revenue shortfalls, and <br /> Provide funds for unforeseen expenditures related to emergencies. <br /> <br />Definitions <br />Fund Balance – Net position of a governmental fund (the difference between assets and liabilities <br />reported in the governmental fund). <br /> <br />Governmental Funds – These are the General Fund, Special Revenue Funds, Debt Service Funds, <br />and Capital Project Funds. <br /> <br />Nonspendable Fund Balance – Amounts that are not in a spendable form, or are legally or <br />contractually required to be maintained intact. “Not in spendable form” includes items that are not <br />expected to be converted to cash (such as inventories and prepaid amounts) and items such as the <br />long-term amount of loans and notes receivable, as well as property acquired for resale. <br /> <br />Restricted Fund Balance – Amounts that can be spent only for specific purposes stipulated by (a) <br />external resource providers such as creditors (debt covenants), grantors, contributors, or laws or <br />regulations of other governments; or (b) imposed by law through constitutional provisions or <br />enabling legislation. <br /> <br />Committed Fund Balance – Amounts constrained for a specific purpose by formal action of a <br />government using its highest level of decision-making authority. Action to constrain resources <br />must occur prior to year-end. However, the amount can be determined in the subsequent period. <br /> <br />Assigned Fund Balance – Amounts that are constrained by the City’s intent to use for specified <br />purposes, but are neither restricted nor committed. Assigned fund balance in the General Fund <br />includes amounts that are intended to be used for specific purposes. <br /> <br />Unassigned Fund Balance – Unassigned Fund Balance is the difference between total fund balance <br />in a governmental fund minus its nonspendable, restricted, committed, and assigned components. <br />The unassigned fund balance is only used in the General Fund or when there is a negative fund <br />balance in another governmental fund.
The URL can be used to link to this page
Your browser does not support the video tag.