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<br />Preview <br /> <br />Page 1 of 1 <br /> <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />The Honorable Mayor and City Commission <br /> <br />FROM: <br /> <br />MinaI Shah, Assistant City Manager-Finance <br /> <br />DATE: <br /> <br />9/15/2011 <br /> <br />RE: <br /> <br />Establishment of a Fund Balance Policy for all Governmental Funds <br />consistent with Governmental Accounting Standards Board Statement <br />No. 54. <br /> <br />RECOMMENDATION: <br /> <br />Staff recommends the City Commission adopt the attached resolution establishing a Fund <br />Balance Policy for governmental funds consistent with Governmental Accounting <br />Standards Board (GASB) Statement No. 54: Fund Balance Reporting and Governmental <br />Fund Type Definitions. <br /> <br />REASONS: <br /> <br />GASB Statement No. 54 was issued in February 2009. Although, this statement does not <br />affect the calculation of the fund balance, it does change how fund balance is presented <br />and its various components in the financial statements. Most importantly, it clarifies the <br />use of governmental fund types. GASB No. 54 shifts the focus of fund balance reporting <br />from the availability of fund resources for budgeting to the extent to which the <br />government is bound to honor constrains on the specific purposes for which amounts in <br />those funds can be spent. <br /> <br />The new policy is required under GASB No. 54 and shall take effect immediately upon <br />adoption and will be applied beginning with the preparation of the City's September 30, <br />2011 Comprehensive Annual Financial Report. <br /> <br />ATTACHMENTS: <br />. Resolution <br />. Fund Balance Policy <br /> <br />http://sibagenda. sibfl.net/agenda/Preview .aspx?I temID=568&MeetingID=0&MeetingDate=... 9/2/2011 <br />