HomeMy WebLinkAboutRES-12-6785 (ASSIGNMENT OF FUND BALANCE)2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
is
19
20
21
22
23
24
25
26
27
?s
RESOLUTION NO.12-6785
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HERMOSA BEACH, CALIFORNIA, APPROVING GENERAL FUND
COMMITMENT OF FUND BALANCE FOR CONTINGENCY,
RETIREMENT RATE STABILIZATION AND CDBG EXCHANGE
FUNDS AND DESIGNATING THE FINANCE DIRECTOR AS THE
AUTHORIZED PARTY FOR THE ASSIGNMENT OF FUND BALANCE
THE CITY COUNCIL OF THE CITY OF HERMOSA BEACH, CALIFORNIA,
DOES HEREBY RESOLVE AS FOLLOWS:
WHEREAS, the Governmental Accounting Standards Board (GASB) has issued its
Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions with the
intent of improving financial reporting by providing fund balance categories that will be more
easily understood; and
WHEREAS, the City Council may adopt a Resolution to commit General Fund balance
for specific purposes by taking formal action and these committed amounts cannot be used for any
other purpose unless the City Council removes or changes the specific use through the same
formal action taken to establish the commitment; and
WHEREAS, the City Council may designate management to assign fund balances based
on the intended use of the funds; and
WHEREAS, the Finance Director has recommended to the City Council that the General
Fund Contingency Commitment of General Fund balance should be established and approved at
$3,967,339, the Retirement Rate Stabilization Commitment of the General Fund balance should be
$760,482 and the CDBG Exchange Funds Commitment of the General Fund balance should be
$63,000 for fiscal year 2011-12.
BE IT FURTHER RESOLVED, that the Finance Director shall be designated the
authorized party for the assignment of fund balance, and that the City Council of the City of
Hermosa Beach hereby authorizes and approves the General Fund Contingency Commitment of
1
12-6785
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
?9
General Fund balance of $3,967,339, the Retirement Rate Stabilization Commitment of the
General Fund balance of $760,482 and the CDBG Exchange Funds Commitment of the General
Fund balance of $63,000 for the fiscal year 2011-12.
PASSED, APPROVED AND ADOPTED this 14th day of February 2012.
waj
PRESIDENT of the City Council and MAYOR of the City of Hermosa Beach, California
ATTEST:
Clerk
2
12-6785
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF HERMOSA BEACH
I, Elaine Doerfling, City Clerk of the City of Hermosa Beach, California, do
hereby certify that the foregoing Resolution No. 12-6785 was duly and regularly passed,
approved and adopted by the City Council of the City of Hermosa Beach at a Regular
Meeting of said Council at the regular place thereof on February 14, 2012.
The vote was as follows:
AYES: Bobko, DiVirgilio, Duclos, Tucker, Mayor Fishman
NOES: None
ABSTAIN: None
ABSENT: None
Dated: February 28, 2012
Elaine Doerfling, City k