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P28 <br />CITY OF LINO LAKES, MINNESOTA <br />FUND BALANCE POLICY IN ACCORDANCE WITH GASB #54 <br />Background <br />In February 2009, the Governmental Accounting Standards Board (GASB) issued GASB #54 <br />Fund Balance Reporting and Governmental Fund Type Definitions. The statement substantially <br />changes how fund balances are categorized. It clarifies /modifies how some of the governmental <br />funds are presented and classified. <br />This policy will provide a cross reference between the Pre -GASB #54 Fund Balance <br />Classifications and the Post -GASB #54 Fund Balance Classifications. <br />Fund Balance Classifications: Current and GASB #54 <br />Pre -GASB #54 Classifications of Fund Balance <br />Post -GASB #54 Classifications of Fund Balance <br />Reserved <br />Non - spendable <br />Not available for appropriation <br />Not available for spending, either now or in the future, because of <br />(e.g., debt retirement) <br />Designated <br />Restricted <br />Available for appropriation but intended for a specific use. <br />Constraints on spending that are legally enforceable by outside <br />parties. <br />Unrestricted <br />Designated <br />Committed <br />Not available for appropriation. <br />Constraints on spending that the <br />government imposes upon itself <br />by highest -level formal action <br />prior to the close of the period. <br />Undesignated <br />Assigned <br />Available for appropriation. <br />Resources intended for spending <br />for a purpose set by the governing <br />body itself or by some person or <br />body delegated to exercise such <br />authority in accordance with <br />policy established by the board. <br />Unassigned <br />Residual <br />(general fund only) <br />Financial Management Policy - Fund Balance <br />1 <br />