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ATTACHMENT 2 <br /> <br />ATTY/RESO.3098/CC RESO COMMITTED FUND BALANCES <br />REV: 06-11-15 <br />Page 1 of 1 <br />RESOLUTION NO. _____ <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY CLASSIFYING CERTAIN AMOUNTS AS “COMMITTED” <br />PURSUANT TO THE REPORTING REQUIREMENTS OF <br />GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT <br />NO. 54 (GASB 54) FUND BALANCE REPORTING <br /> <br />WHEREAS, the Governmental Accounting Standards Board issued Statement <br />No. 54 (GASB 54) with the intent to improve financial reporting by providing fund balance <br />categories and classifications that will be more easily understood; and <br /> <br />WHEREAS, one of the fund balance categories provided by GASB 54 is <br />“committed” fund balance that consists of amounts that can only be used for specific <br />purposes pursuant to constraints imposed by formal action of the City Council; and <br /> <br />WHEREAS, the City Council desires to classify certain fund balance amounts as <br />“committed”. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />REDWOOD CITY AS FOLLOWS: <br /> <br />SECTION 1. The City Council hereby classifies the following fund balances as <br />committed: <br /> <br />Community Benefits Fund <br /> <br />Community Benefits <br /> <br />Human Services Financial Assistance Fund <br /> <br />Human Services Financial Assistance <br /> <br />Housing In-Lieu Fees and Other Revenues Funds <br /> <br />Housing Purposes <br /> <br /> <br /> * * * <br />7.3.B. - Page 12