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REQUEST FOR FISCAL AFFAIRS COMMITTEE AGENDA ITEM <br />Agenda Date Requested: 8/22/11 <br />Requested By: Michael Dolby <br />Department: Finance <br />Report: Resolution: X Ordinance: <br />Exhibits: Draft Resolution re: GASB 54 <br />Sample Reporting Statement <br />ApprODriation <br />Source of Funds: <br />Account Number: <br />Amount Budgeted: <br />Amount Requested: <br />Budgeted Item: YES NO <br />SUMMARY & RECOMMENDATION <br />At the August 15, 2011 Fiscal Affairs Committee meeting, staff presented a draft resolution that <br />would formally adopt new financial reporting standards promulgated by the Government <br />Accounting Standards Board (GASB) this year. The objective of GASB 54 is to enhance the <br />usefulness of fund balance information by providing clearer fund balance classifications that can <br />be more consistently applied and by clarifying the existing governmental fund type definitions. <br />This is a reporting standard only and would not impact normal day -to -day operations of the City. <br />Consideration of the resolution was tabled to allow committee members additional time to <br />review the resolution. Some concern was expressed regarding the statement in Paragraph Three <br />under the heading "Fund Balance Policy." Staff would like guidance and direction on this issue <br />and will be present to answer questions or address concerns regarding the proposed resolution. <br />Action Required by Economic Development Corporation: <br />Provide guidance to staff and recommend this resolution to the City Council for adoption. <br />" for Fiscal Affairs Committee Meeting Agenda <br />e ��II <br />Ro Bot ms, City Manager Da e <br />