HomeMy WebLinkAboutR-2013-18 approve General Fund commitments/Fund Balance FY 2012-2013RESOLUTION NO. 2013-! 0
A RESOLUTION OF THE CITY OF LA PORTE, TEXAS, APPROVING GENERAL
FUND COMMITMENTS OF FUND BALANCE FOR FISCAL YEAR 2012-2013;
FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND SETTING AN
EFFECTIVE DATE THEREOF.
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
fund balance for specific purposes by taking formal action and those 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 Manager has recommended to the City Council that the
following commitment of the General Fund fund balance be established and approved
as follows:
Health Insurance $1,500,000.00
Utility Fund Capital Projects $2,000,000.00
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LA PORTE, THAT:
SECTION 1. The findings and recitations set out in the preamble to this Resolution are
found to be true and correct and that they are hereby adopted by the City Council of the
City of La Porte and made a part hereof for all purposes.
SECTION 2. The City Council officially finds, determines, recites, and declares that a
sufficient written notice of the date, hour place and subject of this meeting of the City
Council was posted at a place convenient to the public at City Hall of the City for the
time required by law preceding this meeting, as required by the Open Meetings Law,
Chapter 551, Texas Government Code; and that this meeting has been open to the
public as required by law at all times during which this Resolution and the subject matter
thereof has been discussed, considered and formally acted upon. The City Council
further ratifies, approves and confirms such written notice and the contents and posting
thereof.
INTRODUCED, READ and PASSED by the affirmative vote of a majority of the
City Council of the City of La Porte, Texas, on this the 23rd day of September 2013.
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Patrice Fogart
City Secretary
Clark T. Askins,
Assistant City Attorney
REQUEST FOR CITY COUNCIL AGENDA ITEM
Agenda Date Requested: 23 September 2013
Requested By: Michael G, Dolby
Department: Finance
Report: Resolution: X Ordinance:
Exhibit: Resolution
Budget
Source of Funds:
Account Number:
Amount Budgeted:
Amount Requested:
Budgeted Item: YES NO
SUMMARY & RECOMMENDATION
GASB 54 has a requirement that must be completed prior to the end of the fiscal year to commit
fund balance of the General Fund. The General Fund fund balance can only be committed for a
specific purpose by formal action of the City council. Committed fund balance does not lapse at
year-end.. The formal action required to commit fund balance shall be by resolution.
The Fiscal Affairs Committee received a staff briefing on this resolution at the September 9, 2013
meeting and had no concerns.
A recommendation has been made to commit $2,000,000 for future utility capital projects and
$1,500,000 for the Health Fund.
Action Required by the La Porte Development Corporation Board:
Consider approval or other action of a Resolution reserving $1,500,000 for the Health Fund and
$2,000,000 for future utility capital improvement projects.
Approved for the La Porte Development Corporation Azenda
2ca13
Corby D. lexander, City Man er Date