HomeMy WebLinkAboutR11-146 Committed and Assigned Funds GASB Statement Commissioner moved adoption
of the following Resolution
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO 2011 -7
RESOLUTION CONCERNING COMMITTED AND ASSIGNED FUNDS FOR
FISCAL YEAR 2011 PURSUANT TO GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES AND GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB)
STATEMENT 54
WHEREAS, the Governmental Accounting Standards Board (GASB) released Statement
54 on March 11, 2009. GASB Statement 54 is a new standard for governmental fund balance
reporting and governmental fund type definitions; and
WHEREAS, GASB Statement 54 is intended to improve transparency and create more
structured classifications for financial reporting purposes; and
CD WHEREAS, Eagle County hereby elects to implement GASB Statement 54
requirements, and to apply such requirements to its financial statements beginning with 2011
fiscal year reporting; and
WHEREAS, GASB Statement 54 identifies a number of classifications including
"committed" fund balance and "assigned" fund balance; and
WHEREAS, committed fund balance includes amounts constrained by action of the
Board of County Commissioners ( "Board ") for a specific purpose. Examples of committed funds
include, but are not limited to, funds self- identified by the County for debt service, capital
projects, un- restricted state and federal grant funds. Formal action of the Board is required to
un- commit funds, but identification of and modification of committed funds may be delegated to
the Finance Director with reporting to the Board; and
WHEREAS, assigned fund balance includes amounts identified for an intended purpose
by (i) the Board of County Commissioners,(ii) an official that has been delegated the authority to
assign amounts or (iii) as identified in departmental budgets. Examples of assigned funds
include, but are not limited to, funds for planned software purchases or an identified office
remodel; and
WHEREAS, GASB Statement 54 allows counties to delegate authority to its Finance
Director and Budget Officer concerning committed and assigned fund balances; and
WHEREAS, the Board desires to delegate authority with respect to committed and
assigned funds so long as reports are made to the Board as more fully set forth herein.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
the County of Eagle State of Colorado:
THAT, Eagle County hereby implements GASB Statement 54 commencing with fiscal
year 2011 reporting.
THAT, the Board hereby delegates to its Finance Director the authority to identify the
purpose and amount (including modification of the amount) of committed general funds and
other appropriate funds all in accordance with GASB Statement 54.
THAT, the Finance Director shall report and receive approval from the Board at least
annually as to the status of committed general or other funds, and shall seek a formal resolution
from the Board before un- committing any funds.
THAT, the Board hereby delegates to its Finance Director and to its Budget Officer the
authority to identify the purpose and amount (including modification or elimination) of assigned
general or other funds in accordance with GASB Statement 54.
THAT, the Finance Director or Budget Officer shall report and receive approval from
the Board at least annually as to the status of assigned general or other funds. A formal
resolution shall not be required before assigning or un- assigning general or other funds as such
authority is hereby vested in the Finance Director and Budget Officer.
THAT, the Board hereby finds, determines and declares that this Resolution is necessary
for the public health, safety and welfare of the residents of the County of Eagle, State of
Colorado.
MOVED AND ADOPTED by the Board of County �C of the County of Eagle, State of
Colorado, at its regular meeting held the )u day of Yi , 2011.
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t
_ COUNTY OF EAGLE, STATE OF
t_ COLORADO, By and Through Its
te BOARD OF COUNTY COMMISSIONERS
,
ATTEST:' I'
4
Clerk to the Board of i- - Jo , . vney 1 Nue
County Commissioners Ch an
. . , . . -- " v .,, - - - . 7,_,, '
Peter F. Runyon
Commis Toner
Sara J. Fisher
Commissioner
seconded adoption of the foregoing resolution. The
roll having been called, th vote was as follows:
Commissioner Stavney
Commissioner Runyon ./J'
Commissioner Fisher OP
This resolution passed by 6 vote of the Board of County Commissioners.
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