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6.2.D. - Page 4 <br />N *IS] ILI] I IQ 0 [0 <br />Attachment 1 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY CLASSIFYING CERTAIN AMOUNTS AS "COMMITTED" <br />PURSUANT TO THE NEW REPORTING REQUIREMENTS OF <br />GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT <br />NO. 54 (GASB 54) FUND BALANCE REPORTING <br />WHEREAS, the Governmental Accounting Standards Board issued Statement <br />No. 54 (GASB 54) with the intent to improve financial reporting by providing new fund <br />balance categories and classifications that will be more easily understood; and <br />WHEREAS, one of the new 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 />WHEREAS, the City Council desires to classify certain fund balance amounts as <br />"committed "; and <br />WHEREAS, one of the new fund balance categories provided by GASB 54 is <br />"assigned" fund balance that represents amounts intended to be used for specific <br />purposes, but are neither restricted nor committed; and <br />WHEREAS, the City Council may delegate the authority to "assign" amounts to <br />be used for specific purposes. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />REDWOOD CITY AS FOLLOWS: <br />SECTION 1. The City Council hereby classifies the following fund balance <br />amounts as committed: <br />General Fund <br />Retiree Medical Benefits <br />Maintenance of Sandpiper Park <br />General Plan <br />Non - General Fund <br />Geographic Information System <br />Capital Projects <br />SECTION 2. The City Council hereby delegates authority to the City Manager to <br />"assign" fund balance amounts to be used for specific purposes. <br />ATTY /RESO.2139 /GASB 54 <br />61311 <br />