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RESOLUTION NO. 2011- JJ.J.O A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, ESTABLISHING A FUND BALANCE POLICY FOR ALL GOVERNMENT AL FUNDS CONSISTENT WITH GOVERNMENT AL ACCOUNTING STANDARDS BOARD (GASB) STATEMENT NO. 54, A TT ACHED HERETO AS EXHIBIT "A"; AUTHORIZING THE CITY MANAGER TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Governmental Accounting Standards Board (GASB) Statement No. 54 was issued in February 2009; and WHEREAS, this Statement changes how fund balance is presented and its various components in the financial statements, and it clarifies the use of governmental fund types; and WHEREAS, GASB No. 54 shifts the focus of fund balance reporting from the availability of fund resources for budgeting to the extent to which the government is bound to honor constrains on the specific purposes for which amounts in those funds can be spent; and WHEREAS, the new policy is required under GASB No. 54 and the City Commission wishes to establish the Fund Balance Policy, attached hereto as Exhibit "A", for governmental funds consistent with GASB Statement No. 54: Fund Balance Reporting and Governmental Fund Type Definitions; and WHEREAS, the new Fund Balance Policy will be applied beginning with the preparation of the City's September 30,2011 Comprehensive Annual Financial Report. NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section 1. Establish a Fund Balance Policy. The City Commission hereby establishes a Fund Balance Policy, attached hereto as Exhibit "A". Section 2. Authorization of City Manager. The City Manager is hereby authorized to do all things necessary to effectuate this Resolution. Section 3. Effective Date. This Resolution will be become effective upon adoption. PASSED and ADOPTED this 15th day of September 2011. b an S. Edelcup, May'or