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6.1. G. - Page 35 <br /> Attachment 3 <br /> ��� _ � <br /> �� <br /> ;�� � � � ��,. � <br /> � '��., --�_r�'� �:.r,_ ��--' <br /> � _ , tL� � tC� �,4=�'(�.�,.'� (�iui �r��,� C�� F � ��� � _ •� <br /> Summary of Statement No. 54 Fund Balance Reporfing and <br /> Governmental Fu�nd Type Definitions {Issued 02149� � <br /> The objectiue ofi this 5tatement is to enhance the usefulness af fund balance <br /> information by providing clearer fund balance classifications that can be more <br /> cansistently a�plied and by clarifying the existing governmental fund type <br /> definitio�s. This Statement establishes f�nd balance classificatians that comprise <br /> a hierarc�y based primarily on th� extent ta which a government is bound to <br /> abserve �on�traints imposed upon the use of the resources reported in <br /> governmental funds. <br /> Tt�e initial dis�inctian that is made in re�porting fun� ��lance information is <br /> identifying amounts that are consic�ered nonspendable, such as fund bafance <br /> associated with inventaries. This S#atement also provides for additianal <br /> classi�icatian as restricf�ed, committed, assigned, a�d unassigned based on fh�e <br /> relative strength of the constraints that cor�trol how s�ecific amounts can be <br /> spei�t. <br /> The restricfed fund balance category incfudes amoun�s thaf can be spent only for <br /> t�e specific p�rposes stipulated by constitution, externa� resource pro�iders, or <br /> #hrough enabling jegislat�on. The cammitfed fund �alance classificafion includes <br /> amounts that can be usec! or�ly far the specific purposes determined by a formal <br /> action o� the gavernment`s highest [evel of decisian-makir�g autharity. Amounts in <br /> tf�e assigned fund �alance classificatio� are intended to be used by t�he <br /> government for specific purposes but do not meet t�e criteria to be classified as <br /> res�racted or committed. f n governmental funds other than the generaf �ur�d, <br /> assigned fund balance represents t�e remaining amou�nt that is not restricted or <br /> committed. Unassrgned fund balance is the residua! classification for the <br /> government's genera! fur�d and includes alf sPendabfe amounts not containe� in <br /> the other classifica�ions. Ir� other �unds, fhe unassigned cl�ssification should be <br /> used only to report a deficit balance resu�fing from overspeRdir�g fo� s�ecific <br /> purposes for wf�ich amounts F�ad been restricted, committed, or assigned. <br /> 30 <br />