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Reso 2011-1770
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Reso 2011-1770
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Last modified
1/5/2012 1:46:53 PM
Creation date
9/22/2011 2:56:38 PM
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CityClerk-Resolutions
Resolution Type
Resolution
Resolution Number
2011-1770
Date (mm/dd/yyyy)
09/15/2011
Description
Establish “Fund Balance Policy” Consistent w/GASB Statement No. 54
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ACCOUNTING POLICIES AND PROCEDURES <br /> <br />CITY OF SUNNY ISLES BEACH <br /> <br />A Fund Balance Policy is adopted in order to secure and maintain investment-grade credit ratings, meet <br />seasonal shortfalls in cash flow, and reduce susceptibility to emergency or unanticipated expenditures and/or <br />revenue shortfalls. Fund balance information is used to identify the available resources to repay long-term <br />debt, reduce property taxes, add new governmental programs, expand existing ones, or enhance the financial <br />position of the City, in accordance with policies established by the City Commission. <br /> <br />This Fund Balance Policy establishes: <br /> <br />a) Fund balance policy for the general fund; <br /> <br />b) Reservations of fund balance for the general fund; <br /> <br />c) The method of budgeting the amount of estimated unrestricted fund balance (also know as estimated <br />beginning fund balance) available for appropriation during the annual budget adoption process (prior to the <br />actual, audited fund balance being known) and what actions may need to be taken if the actual fund balance is <br />significantly different than the budgeted fund balance; and <br /> <br />d) Establish the spending order of fund balances. <br /> <br />FUND BALANCE POLICY (GENERAL FUND): <br /> <br />1. RESTRICTED FUND BALANCE <br /> <br />There is no restricted fund balance in the General Fund. Amounts that can be spent only for specific <br />purposes stipulated by (a) external resource providers such as creditors (by debt covenants), grantors, <br />contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional <br />provisions or enabling legislation will be budgeted and reported in special revenue funds, capital project <br />funds or debt service funds. <br /> <br />2. COMMITTED FUND BALANCE <br /> <br />Commitment of fund balance may be made for such purposes including, but not limited to, a) major <br />maintenance and repair projects; b) meeting future obligations resulting from a natural disaster; c) <br />accumulating resources pursuant to stabilization arrangements; d) establishing reserves for disasters; <br />and/ or e) for setting aside amounts for specific projects. <br /> <br />Commitment of fund balance may be made from time-to time by resolution of the City Commission. <br />Commitments may be changed or lifted only by the City Commission taking the same formal action that <br />imposed the constraint originally (resolution). The use (appropriation) of committed fund balances will <br />be considered in conjunction with the annual budget adoption process or by budget amendment <br />approved by resolution of City Commission during the fiscal year. <br /> <br />3. ASSIGNED FUND BALANCE <br /> <br />Assignment of fund balance may be a) made for a specific purpose that is narrower than the general <br />purposes of the government itself; and/ or b) used to reflect the appropriation of a portion of existing <br />unassigned fund balance to eliminate a projected deficit in the subsequent year's budget in an amount no <br />greater than the projected excess of expected expenditures over expected revenues. <br /> <br />Assigned fund balance shall reflect management's intended use of resources as set forth in the annual <br />budget (and any amendments thereto). Assigned fund balance mayor may not be appropriated for <br /> <br />FUND BALANCE POLICY <br />
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