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REQUEST FOR FISCAL AFFAIRS COMMITTEE AGENDA ITEM <br />Agenda Date Requested: September 22, 2014 <br />Requested By: M. Dolby <br />Department: Finance <br />Report: '' Resolution:'' Ordinance: ' <br />Exhibits: <br />1. Re s olutio n <br />Appropriation <br />Source of Funds: N/A <br />Account Number: N/A <br />Amount Budgeted: N/A <br />Amount Requested: N/A <br />Budgeted Item: YES NO <br />SUMMARY & RECOMMENDATIONS <br />GASB 54 has a requirement that must be completed prior to the end of the fiscal year to commit fund balance of <br />the General Fund. The General Fund fund balance can only be committed for a specific purpose by formal action <br />of the City council. Committed fund balance does not lapse at year-end. The formal action required to commit <br />fund balance shallbe by resolution. The $2,000,000 committed in fiscal year 2013 for future construction willbe <br />used in the 2014-2015 budget. The $1,500,000 committed in fiscal year 2012 for health expenses will remain <br />committed. A recommendation has been made to commit $5,000,000 for utility improvements. <br />The total committed funds as of September 30, 2014 will be $8,500,000. <br />Utility Improvements $5,000,000 <br />Future Construction $2,000,000 <br />Health Expenses $1,500,000 <br />Action Required by the Fiscal Affairs Committee: <br />Approve resolution. <br />Approved for Fiscal Affairs Committee Agenda <br />Corby D. Alexander, City Manager <br />Date <br />