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06/22/2015 <br /> ORIGINAL <br /> RESOLUTION NO. 15421 <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 /> WHEREAS, the Governmental Accounting Standards Board issued Statement <br /> No. 54 (GASB 54) with the intent to improve financial reporting by providing fund <br /> balance categories and classifications that will be more easily understood; and <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 /> WHEREAS, the City Council desires to classify certain fund balance amounts as <br /> "committed". <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 balances as <br /> committed: <br /> Community Benefits Fund <br /> Community Benefits <br /> Human Services Financial Assistance Fund <br /> Human Services Financial Assistance <br /> Housing In-Lieu Fees and Other Revenues Funds <br /> Housing Purposes <br /> * * * <br /> ATTY/RES0.3098/CC RESO COMMITTED FUND BALANCES RE50.#15421 <br /> REV:06-11-15 MUFF#501 <br /> Page i of i <br />