HomeMy WebLinkAboutRES 2011-26RESOLUTION NO. 2011— 26
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DIAMOND BAR APPROVING
AND ADOPTING A FUND BALANCE POLICY AND AUTHORIZING THE CITY MANAGER
AND/OR THE FINANCE DIRECTOR TO ASSIGN FUND BALANCE TO A SPECIFIC
PURPOSE IN RELATION TO THIS FUND BALANCE POLICY.
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, effective for reporting periods beginning after June 15, 2010; and
WHEREAS, the Fund Balance Policy provides that the City Council may commit General
Fund balance for specific purposes by taking formal action and these 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
WHERAS, the Finance Director has recommended to the City Council that the General
Fund Emergency Contingency Commitment of General Fund balance be established at $4.5
million which is 3 months of the budgeted operational expenditures in the City's General Fund
for Fiscal Year 2010-11 as recommended by the Finance Director.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Diamond Bar,
California as follows:
Fund Balance Policy attached hereto as Exhibit "A" is hereby approved by the City
Council of the City of Diamond Bar, California. The. City Manager and/or the Finance
Director are each hereby authorized and empowered, for and on behalf of the City to
assign fund balance to a specific purpose in accordance with and in relation to the City's
Fund Balance Policy; and
2. The City Council hereby establishes and approves the General Fund Emergency
Contingency commitment of General Fund balance at $4.5 million which is 3
months of the budgeted operational expenditures in the City's General Fund for Fiscal
Year 2010-11.
PASSED, APPROVED AND ADOPTED this 7th day of ,lune, 2011.
S eve Tye,'Payor
Payor
2011m-26
I, Tommye Cribbins, City Clerk of the City of Diamond Bar do hereby certify that the foregoing
Resolution was passed, and approved and adopted at a regular meeting of the City Council of
the City of Diamond Bar held on the 7th day of June , 2011, by the following vote:
AYES: COUNCIL MEMBERS: Everett, Herrera, Tanaka,
MPT/Chang, M/Tye
NOES: COUNCIL MEMBERS: None
Uylfflftwiwk
FAI %L-1 Fil Jill q ii
To mini
,y Cribins, City Clerk
City of Diamond Bar
2011-26