HomeMy WebLinkAbout2011-17 GASBS-54
RESOLUTION NO. ;;2.0 II . n
A RESOLUTION IMPLEMENTING GOVERNMENTAL ACCOUNTING
STANDARDS BOARD STATEMENT 54 - Fund Balance Reporting and
Governmental Fund Type Definitions
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 (GAS B) is the primary organization that provides financial
reporting requirements through their statements on accounting standards.
GASB has issued statement 54 that standardizes presentations of fund balances in govermnental
fund types to promote consistency and comparability between entities.
City of Ashland must adopt and implement GASBS 54 to be compliant with GAAP reporting for
the FY 201 ] in the comprehensive annual financial report.
,
SECTION I. Council adopts the guidelines provided in GASBS 54 for accounting and reporting
of governmental type funds effective with the fiscal year ending June 30, 20] 1.
SECTION 2. The existing funds and elements of fund balance that are thought to be subject to
changes by this implementation include, but are not limited to:
Agency Funds Component Category Comment
City of Ashland General Asset Forfeiture Restricted Federal Money
TOT Tourism (217) Restricted State Restriction
TOT (517) Committed Council Resolution
. Parking Surcharge Committed Council Resolution
Pu blic Art Committed Council Resolution
Fiscal Stability Study Committed Adoption of Budget
Affordable Housing Committed Council Resolution
Remaining Balance Unassigned
Treated Like General Fund
Reserve General balance Unassigned until a policy is adopted
- .
COBG General balance Restricted Federal Money
-
Street Gas Tax Restricted State Restriction
SOC's Restricted State Restriction
Remaining Balance Committed
Page 1 of2
Agency Funds Component Category Comment
City of Ashland Airport General balance Committed
Capital Improvement System Development Charges Restricted State Restriction
Food and Beverage Committed Voter Approval
Remaining Balance Committed
Debt Service General balance Restricted Debt service commitment
Cemetery Trust General balance Restricted Perpetual care
Parks & Recreation General Fund General balance Unassigned
Youth Activity Fund General balance Restricted Voter Approval
Capital Fund General balance Committed .
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 resolution was read by title only in accordance with Ashland Municipal Code S2.04.090
duly PA ED and ADOPTED this 7 day of June, 201 I.
tX;~
Barbara Christensen, City Recorder
SIGNED and APPROVED this
?
day of
~
,2011.
Page 2 of2