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06/278/2011 <br /> ORIGINAL <br /> RESOLUTION NO. 15127 <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 /> ATTY /RESO.2139 /GASB 54 RESO. # 15127 <br /> 61311 MUFF # 501 <br />