Title
A Resolution Amending the City's Fund Balance Policy
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Consider a resolution to amend the City's fund balance policy by consolidating and updating two prior policies. The major change is excluding expenditures that are offset by transfers in or other financing sources, such as economic development grant agreements, from the General Fund minimum fund balance goal calculation. The remainder of the changes are to clarify and simplify the policy.
Body
WHEREAS, On March 2, 2009, Resolution 3649-09 established a General Fund minium undesignated fund balance goal.
WHEREAS, on September 6, 2011, Resolution 4648-11 approved implementation of Governmental Accounting Standards Board (GASB) Statement No. 54 by establishing a Fund Balance Policy, and the policy set time periods for replenishing deficiencies in the General Fund minium undesignated fund balance goal, if they should occur.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Rescinds resolutions 3649-09 and 4648-11 and supersedes all previous regulations regarding fund balance policy.
SECTION 2: Adopts a revised Fund Balance Policy dated September, 2015, that is made a permenant part of this resolution, effective for the upcoming fiscal year of October 1, 2015 - September 30, 2016.
SECTION 3: Directs the City Treasurer to prepare an Addendum to the FY16 Budget that recalculates the minimum fund balance goal for consideration at the first Council Meeting in October.
SECTION 4: This Resolution shall become effective immediatley upon its adoption as required by law.