HomeMy WebLinkAbout2016-25 GASBS 54 Repealing 2011-17
RESOLUTION NO.
A RESOLUTION UPDATING THE CITY OF ASHLAND'S
IMPLEMENTATION OF GOVERNMENTAL ACCOUNTING
STANDARDS BOARD STATEMENT 54 - Fund Balance Reporting and
Governmental Fund Type Definitions
AND REPEALING RESOLUTION No. 2011-17
THE CITY OF ASHLAND RESOLVES AS FOLLOWS:
The City of Ashland prepares financial reports in keeping with generally acceptable accounting
principles (GAAP) as established by national and state guidelines. The Governmental
Accounting Standards Board (GASB) is the primary organization that provides financial
reporting requirements through their statements on accounting standards.
GASB issued statement 54 that standardizes presentations of fund balances in governmental fund
types to promote consistency and comparability between entities. City of Ashland adopted and
implemented GASBS 54 to be compliant with GAAP reporting with Resolution 2011-17 for the
FY 2011 in the Comprehensive Annual Financial Report.
From time to time changes in revenue streams, accounting and budgeting practices may require
updating financial reporting consistent with GASBS 54.
SECTION 1. Council updates the accounting and reporting of governmental type funds
consistent with GASBS 54 effective with the financial report for the year ending June 30, 2016.
SECTION 2. The existing funds and elements of fund balance that are thought to be subject to
this implementation include those presented in Attachment A, the table below.
SECTION 3. New funds and new revenues identified after approval of this resolution shall be
evaluated for consistency with GASBS 54 and will be accounted for and reported accordingly.
SECTION 4. Copies of this resolution shall be maintained in the Office of the City Recorder and
shall be available for public inspection during regular business hours.
SECTION 5. This resolution takes effect upon signing by the Mayor.
This re ution was read by title only in /acordance with Ashland Municipal Code §2.04.050
duly ASSED and ADOPTED this / day of August, 2016.
01
r
Barbara Christensen, City Recorder
SIGNED and APPROVED this day o , 2016.
QAn Stro erg, Mayor
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Reviewe -as to form:
F
Davi Lohman, City Attorney
Attachment A:
City of Ashland
GASBS No. 54 Update
Fund Balance
Funds Components Notes
City:
General Fund:
Asset Forfeiture Restricted Federal Money
Transient Occupancy (Lodging) Tax (2/7) Restricted State Restriction
Transient Occupancy (Lodging) Tax (5/7) Committed Council Resolution
Downtown Parking Committed Council Resolution
Public Arts Committed Council Resolution
Affordable Housing Committed Council Resolution
Grubbs Investigation Committed Council Resolution
Remaining Balance Unassigned
Treated Like General Fund
Reserve Fund Unassigned until a policy is adopted.
Community Development Block Grant Restricted Federal Money
Street Fund:
Gas Tax Restricted State Restriction
System Development Charges Restricted State Restriction
Capital Project Financing Restricted Financing Covenant
Remaining Balance Committed
Airport Fund Restricted FAA grant requirement
Capital Improvement Fund:
System Development Charges Restricted State Restriction
Capital Project Financing Restricted Financing Covenant
Food and Beverage Committed Council Resolution
Remaining Balance Committed
Debt Fund Restricted
Cemetery Trust Fund Restricted
Parks:
Parks & Recreation Fund Committed
Capital Improvements Fund:
System Development Charges Restricted State Restriction
Capital Project Financing Restricted Financing Covenant
Food and Beverage Committed Council Resolution
Remaining Balance Committed
Equipment Fund Committed
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