The URL can be used to link to this page

Home My WebLink AboutResolution No. 2010-138 RESOLUTION NO. 2010-138 CERTAIN FUND BALANCE DESIGNATIONS AND RELATED POLICIES WHEREAS, the City of Columbia Heights reports its financial information under standards issued by the Governmental Accounting Standards Board (GASB); and WHEREAS, the implementation by the City of the recently issued GASB reporting standard identified as Statement 54 requires classifying the City's existing fund balance designations into the new fund balance classifications contained in the standard and documenting certain related policies; and WHEREAS, documenting herein the City's existing fund balance designations and related policies will simplify and increase the efficiency with which the City implements the new reporting standard, BE IT HEREBY RESOLVED by the City Council of the City Of Columbia Heights, that: 1. The City of Columbia Heights's December 31, 2010, governmental fund balances are designated for the purposes listed in the attached Exhibit A, to the extent that they are in spendable form and their use is not restricted by external parties. 2. When the City of Columbia Heights' has both restricted and unrestricted resources available for an expenditure, the restricted resources are applied first and unrestricted are applied to any remainder. BE IT HEREBY FUTHER RESOLVED by the City Council of the City Of Columbia Heights, that upon implementation of the fund balance classifications in Governmental Accounting Standards Board Statement 54: 3. The term "designated" will be replaced with the "committed" when applying above item 1. 4. When the City of Columbia Heights' applies unrestricted resources to an expenditure, the unrestricted resources are applied in the following order; committed funds first, assigned funds second, and unassigned funds last, to the extent that amounts are available in each of these unrestricted classifications. 5. The portion of fund balance in the City's General Fund applicable to the minimum fund balance goals established for the working capital purposes by resolution 95 -40 will be the sum of any unassigned fund balance plus any fund balance assigned by the Council for use in the following year's general fund budget. For the City's Library Fund, the applicable portion of fund balance for these purposes will be its assigned fund balance. 6. To the extent that unrestricted fiend balance has not been committed or assigned by the City Council, the authority to classify unrestricted fund balance as assigned to purposes for which there is merely an informal intent is delegated to the City Manager, provided that such assignment is made by the City Manager to clarify the information in the City's financial statements. City of Columbia Heights Resolution 2010 -138 Exhibit A Governmental Funds Designation/Commitment as of December 31, 2010 General Fund Police community programs equal to residual from closed Fund 270 General Fund Downtown parking maintenance equal to residual from closed Fund 405 Special Revenue Funds: Cable Television Fund 225 Cable television Police Forfeiture Fund 265 Not applicable - externally restricted only Police Grants Fund 272 Not applicable - externally restricted only Library Fund 240 Library After - School Programs Fund 261 Youth programs Contributed Projects - Recreation - Fund 881 Not applicable - externally restricted only Contributed Projects - Other - Fund 883 Not applicable - externally restricted only Special Projects Fund 226 Redevelopment Community Development Fund 201 Protective inspections expenditures Anoka County Community Development Programs Fund 202 Redevelopment EDA Administration Fund 204 Redevelopment HRA Parkview Villa North Fund 203 Senior housing HRA Parkview Villa South Fund 213 Senior housing Debt Service Funds: 2008A Taxable GO Housing Improvement Area Bonds Fund 315 Debt service G.O. Improvement/ Revenue Bonds 2003A Fund 388 Debt service G.O. Improvement/ Revenue Bonds 2006A Fund 340 Debt service G.O. Street Rehabilitation Bonds 2007 Fund 341 Debt service G.O. Public Safety Center Bonds 2008B Fund 343 Debt service G.O. Public Facilities Bonds 2009A Fund 344 Debt service Tax Increment Bonds Fund 376 Not applicable - externally restricted only Sheffield TIF Redevelopment Fund 377 Not applicable - externally restricted only TIF Multi -Use Redevelopment Plan Fund 385 Not applicable - externally restricted only TIF Transition Block Fund 389 Not applicable - externally restricted only TIF 4747 Central Avenue Fund 371 Not applicable - externally restricted only TIF Huset Park Area Fund 372 Not applicable - externally restricted only EDA TIF Revenue Bonds 2007 Fund 373 Not applicable - externally restricted only Capital Projects Fund: Municipal State Aid Street Fund 212/402 • • Capital projects - streets and other infrastructure, Municipal State Aid Street Fund 212/402 - including transfers for same to Infrastructure Fund 430 Capital Improvements General Gov't Buildings 411 Capital projects - government buildings Capital Equipment Replacement General Gov't 431 Capital projects - government equipment Capital Improvements PIR Fund 415 Capital projects - streets and other infrastructure Public Safety Center Capital Building Fund 417 Capital projects - .police and fire station EDA Housing Maintenance Fund 408 Capital Projects - Redevelopment Capital Improvement Development Fund 420 Capital Projects - Redevelopment Capital Improvement Parks Fund 412 Capital projects - parks Infrastructure Replacement Fund 430 Capital projects - streets and other infrastructure Capital Equipment Fire Fund 439 Capital projects - fire station and equipment Capital Equipment Cable TV Fund 440 Capital projects - cable television Capital Building Library Fund 450 Capital projects - library building Passed this 13th day of December, 2010 Offered by: Williams Seconded by: Kelzenberg Roll Call: Ayes: Peterson, Williams, Nawrocki, Diehm, K- zenberg / --/ / --�' j Mayor Gary Lk eterson ' i.�,.. s . atricia Muscovitz, L C • ,ity Clerk