HomeMy WebLinkAbout2011-167 CCR Member Dan Ryan introduced the following resolution and moved its
adoption:
RESOLUTION NO. 2011 -167
RESOLUTION AMENDING GENERAL FUND BALANCE POLICY
WHEREAS, the Governmental Accounting Standards Board's Statement No. 54
establishes new fund balance classifications for governmental fund balance reporting; and
WHEREAS, the City's Reserve Policies should be updated to reflect these new
fund balance classifications as set forth in Exhibit A to this resolution; and
WHEREAS, the City's Reserve Policies should also be updated to delegate the
authority to assign fund balance for reporting purposes and to reflect the City's policy on the
flow of resources as set forth in Exhibit A to this resolution.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center
that the amended Financial Management Policies, Reserve Policies be and hereby is adopted.
December 12 2011
Date Mayor
ATTEST: -
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Kay Lasman
and upon vote being taken thereon, the following voted in favor thereof
Tim Willson, Carol Kleven, Kay Lasman, and Dan Ryan;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.
RESOLUTION NO. 2011 -167
SECTION I — INVESTMENT POLICIES
1.3 Financial Management Policies
3. Financial Management Policies
D. Resen Peli Fund Balance Policy
1. The City shall manage its cash flow needs by having a target
unfeseFved unrestricted and undes;,.natea unassigned General
Fund balance at the close of each fiscal year of 50 to 52 % of the
next year's General Fund operating budget.
2. Undesigaated Unassigned General Fund monies that are not
required for cash flow purposes may be transferred into other funds
as may be appropriate or needed during the fiscal year. It is
specifically anticipated that transfers will be made to the Street
Reconstruction Fund, Capital Improvements Fund, and the
Technology Fund when operating results generate a surplus of
actual revenues over actual expenditures to serve as a recurring
source of funding for those three funds.
3. The City Council authorizes the Ci Manager or the City
Manager's designee to assign fund balance that reflects the City's
intended use of'those funds for the purposes of reporting the CitL's
financial position.
4. When both restricted and unrestricted resources are available for
use, it is the City's ,policy to first use restricted resources_ and then
use unrestricted resources as they are needed, unless otherwise
required by the restricting authority. When unrestricted resources
are available for use, it is the City's policy to use resources in the
ollowing order: 1) committed 2) assigned 3) unassigned.