HomeMy WebLinkAbout11-27 - Adopting Government Accounting Standards Board Statement No. 54RESOLUTION NO. 11-27
A RESOLUTION OF THE CITY OF COSTA MESA,
CALIFORNIA ADOPTING THE GOVERNMENT
ACCOUNTING STANDARDS BOARD STATEMENT NO.
54 ENTITLED "FUND BALANCE REPORTING AND
GOVERNMENT FUND TYPE DEFINITIONS."
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE AS FOLLOWS:
WHEREAS, the Governmental Accounting Standards Board has issued
Statement No. 54 entitled "Fund Balance Reporting and Government Fund Type
Definitions"; and
WHEREAS, the City Council desires to classify the various components of fund
balance reported by the City as defined in Governmental Accounting Standards Board
Statement No. 54.
NOW, THEREFORE, BE IT RESOLVED, that the City Council approves the
reclassification of the various components of fund balance in accordance with GASB
No. 54; and
BE IT FURTHER RESOLVED, that the City Council commits $14.125M of the
fund balance of the General Fund for an emergency contingency as previously adopted
by City Council Ordinance No. 91-20; and
BE IT FURTHER RESOLVED, that the City Council commits $2.OM of the fund
balance of the General Fund for a self—insurance reserve as previously established by
Costa Mesa Municipal Code Section 2-154; and
BE IT FINALLY RESOLVED, that the City Council delegates to the Finance
Director the authority to determine the portion of the Fund Balance to be reported as
Assigned in the City's Comprehensive Annual Financial Report (CAFR).
PASSED AND ADOPTED this 21 st day of June, 2011.
(3t-..7 LD
Gary Monah n, Mayor
ATTEST:
Julie%Folcik, City Clerk
APPROVED AS TO FORM:
IN T�);
Thomas u - e, tity Attorney
1
1
1
1
1
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, JULIE FOLCIK, City Clerk of the City of Costa Mesa, DO HEREBY CERTIFY that
the above and foregoing is the original of Resolution No. 11-27 and was duly passed and
adopted by the City Council of the City of Costa Mesa at a regular meeting held on the 21st
day of June, 2011, by the following roll call vote, to wit:
AYES: COUNCIL MEMBERS: MONAHAN,RIGHEIMER, BEVER,LEECE, RIGHEIMER
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS NONE
IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal of the City
of Costa Mesa this 22nd day of June, 2011.
a'� 7;;al . -
JU FOLCIK, CITY CLERK