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Meeting Date:
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6/28/2011 - 7:30 PM
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Category:
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Consent Agenda
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Type:
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Action
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Subject:
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9.18 (Item #19) Approve Resolution 10/11-69 – Resolution to Establish Fund Balance Policies as required by GASB 54
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LCAP (Local Control Accountability Plan) Goal:
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Enclosure
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Resolution 10/11-69 - Resolution to Establish Fund Balance Policies as required by GASB 54
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File Attachment:
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Summary:
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The Governmental Accounting Standards Board (GASB) has adopted Statement Number 54 (GASB 54), Fund Balance Reporting and Governmental Fund Type Definitions, that is effective in fiscal year 2010-2011 requiring adjustment to the board policy on fund balances and adoption of a resolution establishing authority to commit or assign fund balances.
Pursuant to revised Board Policy 3100 the Board must adopt a resolution setting forth the types of fund balance establishing that the Board as the highest decision making body may make commitments of fund balance and designating who in the organization may make assignments of fund balance. The resolution also formalizes the minimum reserve the Board will set.
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Funding:
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N/A
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Fiscal Impact
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N/A
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Recommendation:
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Approve Resolution 10/11-69 as presented.
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Approvals:
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Recommended By:
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Signed By:
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Bryan Richards - Chief Financial Officer
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Signed By:
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Steven Lawrence - Superintendent
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