(1) Adoption of a Resolution Classifying the Various Components of Fund Balance as Defined in Governmental Accounting Standards Board Statement Number 54 Effective with Fiscal Year 2010/2011 and (2) Delegation of Certain Authority to the City Manager and Chief Financial Officer. City of Culver City California Agenda Item Report Meeting Date: 07/25/2011 CITY COUNCIL AGENDA ITEM: (1) Adoption of a Resolution Classifying the Various Components of Fund Balance as Defined in Governmental Accounting Standards Board Statement Number 54 Effective with Fiscal Year 2010/2011 and (2) Delegation of Certain Authority to the City Manager and Chief Financial Officer. Contact Person/Dept.: Jeff Muir/Finance Phone Number: (310) 253 5865 Item Number: C 7 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Action Item: Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: (E Mail) Meetings and Agendas City Council (07/20/11) Department Approval: Jeff Muir (07/13/11) Chief Financial Officer Approval: Jeff Muir (07/13/11) City Attorney Approval: Carol Schwab (by H. Baker) (07/18/11) City Manager Approval: John M. Nachbar (07/20/11) RECOMMENDATION Staff recommends that the City Council adopt the proposed resolution (1) classifying the various components of fund balance as defined in Governmental Accounting Standards Board (GASB) Statement No. 54 (GASB 54) effective with Fiscal Year 2010/2011 and (2) delegating certain authority to the City Manager and Chief Financial Officer. BACKGROUND In February 2009 GASB 54 titled Fund Balance Reporting and Governmental Fund Type Definitions was issued. This new standard does not change the total amount of a given fund balance but it substantially alters the categories and terminology used to describe the components that make up a fund s balance. The new categories and terminology reflect an approach that focuses not on financial resources available for appropriation within a fund but on the extent ...
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