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RESOLUTION NO. 2023 - 356nO <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, <br />FLORIDA, APPROVING THE ASSIGNMENT OF SIX MILLION TWO HUNDRED <br />SIXTY-SEVEN THOUSAND FOUR HUNDRED DOLLARS AND NO CENTS <br />($6,267,400.00) TO THE FUND BALANCE - ASSIGNED LINE CLASSIFIED FOR <br />PROJECTS RELATED TO THE PARKS AND RECREATION MASTER PLAN; <br />AUTHORIZING THE CITY MANAGER AND FINANCE DIRECTOR TO DO ALL THINGS <br />NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE <br />DATE. <br />WHEREAS, in 2009, the Governmental Accounting Standards Board ("GASB") issued <br />Statement No. 54, which aims to enhance the understanding and transparency of fund balance <br />reporting and establishes an organized system for fund balance classifications based on the <br />extent to which a government is bound by rules and restrictions; and <br />WHEREAS, one of the fund balance classifications established by GASB Statement No. <br />54 is "assigned," which designates resources that are intended to be used for specific purposes, <br />but do not meet the criteria to be classified as "restricted" or "committed"; and <br />WHEREAS, the creation of a Parks and Recreation Master Plan ("PRMP") Account within <br />the fund balance - assigned line category, will allow for a more transparent and clearly defined <br />allocation of financial resources for specified projects as recommended by the PRMP; and <br />WHEREAS, the City Commission wishes to approve the assignment of Six Million Two <br />Hundred Sixty -Seven Thousand Four Hundred Dollars and Zero Cents ($6,267,400.00) to the <br />fund balance - assigned line classified for projects related to the PRMP. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY <br />ISLES BEACH, FLORIDA, AS FOLLOWS: <br />Section 1. Approval of Assignment. The City Commission hereby approves the assignment <br />of Six Million Two Hundred Sixty -Seven Thousand Four Hundred Dollars and Zero Cents <br />($6,267,400.00) to the fund balance - assigned line classified for projects related to the Parks <br />and Recreation Master Plan. <br />Section 2. Authorization of City Manager and Finance Director. The City Manager and <br />Finance Director are hereby authorized to do all things necessary to effectuate this Resolution. <br />Section 3. Effective Date. This Resolution will become effective upon adoption. <br />PASSED AND ADOPTED this 21St day of September --2 3. <br />Larisa Svech/n, Mayor <br />@BCL@B4099F6F.doc Page 1 of 2 <br />