Title
Resolution Implementing GASB statement #54, Fund Balance Reporting and Governmental Fund Type Definitions.
Body
WHEREAS, the Governmental Accounting Standards Board (GASB) has issued Statement No. 54 - Fund Balance Reporting and Governmental Fund Type Definitions, which changes terminology used for fund balance reporting on balance sheets of Governmental Funds; and
WHEREAS, the Administration and Finance Committee has reviewed the new terminology and recommends the establishment of this structure; and
WHEREAS, GASB Statement #54 requires governmental entities to identify special revenue funds, to establish an order of spend down of fund balance, and to designate an official to assign portions of fund balance for specific uses;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that the City of West Allis hereby adopts the provisions of GASB Statement #54 specifically relating to the following:
Special Revenue Funds - Restricted
Service fees, intergovernmental revenues, special charges, grants, donations, and other resources of the Special Revenue Funds shall be "restricted" for the salary, fringes, equipment, projects, travel, training, support charges and other operational expenses of the funds.
The City of West Allis has 10 restricted special revenue funds, specifically:
1. Block Grant 6. Library Endowment
2. Stimulus Programs 7. Health Grants
3. H.O.M.E. Program 8. Police Grants
4. Rental Energy Loans 9. Miscellaneous Grants
5. Housing Programs 10. Fire Grants
Special Revenue Funds - Committed
Franchise fees, service fees, intergovernmental revenues, special charges, grants, donations, and other resources of the Special Revenue Funds shall be "committed" for the salary, fringes, equipment, projects, travel, training, support charges and other operational expenses of the funds.
The City of West Allis has 2 committed special revenue funds, specifically:
1. Info...
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