HomeMy WebLinkAboutCC RESO 2011-130RESOLUTION NO. 2011 — 130
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
CLASSIFYING THE VARIOUS COMPONENTS OF FUND BALANCE
AS DEFINED IN GOVERNMENTAL ACCOUNTING STANDARDS BOARD
STATEMENT NO. 54 AND DELEGATING TO THE CITY MANAGER
THE AUTHORITY TO DETERMINE AND DEFINE THE AMOUNTS
OF THOSE COMPONENTS OF FUND BALANCE THAT
ARE CLASSIFIED AS "ASSIGNED FUND BALANCE"
WHEREAS, in March 2009, the Governmental Accounting Standards Board
("GASB") issued Statement No. 54, Fund Balance Reporting and Governmental Fund Type
Definitions, to enhance the usefulness of the fund balance information, to clarify governmental
fund type definitions, and to promote greater comparability among municipal financial
statements; and
WHEREAS, the new standard does not change the total amount of a given fund
balance, but it alters the categories and terminology used to describe the components that
make up the fund balance; and
WHEREAS, GASB Statement No. 54 defines five new components of fund
balance that will replace the existing three components:
Nonspendable Fund Balance
Restricted Fund Balance
Committed Fund Balance
Assigned Fund Balance
Unassigned Fund Balance
WHEREAS, GASB 54 allows the City Council authority to assign ending fund
balances or to delegate this authority to a City official.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
National City that various components of fund balance shall be defined as designated by
Governmental Accounting Standards Board Statement No. 54.
BE IT FURTHER RESOLVED that the City Council of the City of National City
hereby delegates the authority to the City Manager to determine and define the amounts of
those components of fund balance that are classified as "assigned fund balance".
PASSED and ADOPTED this 21st day of June, 2 1.
on Morrison, Mayor
ATTEST: A`,;,ROVED • S TO FORM:
ov. Michael R.Della, City Clerk
dia S3: Silva
ity Attq'rney
Passed and adopted by the Council of the City of National City, California, on June 21,
2011 by the following vote, to -wit:
Ayes: Councilmembers Morrison, Natividad, Rios, Sotelo-Solis, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
City Clerk of the City of National City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2011-130 of the City of National City, California, passed and
adopted by the Council of said City on June 21, 2011.
City Clerk of the City of National City, California
By:
Deputy