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Sponsored by: Oates <br /> CITY OF SEWARD, ALASKA <br /> RESOLUTION 2009 -131 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, AUTHORIZING EARLY ADOPTION OF GOVERNMENTAL <br /> ACCOUNTING STANDARDS BOARD STATEMENT NO. 54, <br /> ESTABLISHING NEW FUND BALANCE CLASSIFICATIONS, TO BE <br /> CONSISTENT WITH THE 2010/2011 BIENNIAL BUDGET <br /> WHEREAS, the Governmental Accounting Standards Board (GASB) issued Statement <br /> No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, which substantially <br /> alters the focus, categories, and terminology used for fund balance reporting, while leaving <br /> unchanged the total amount reported as fund balance; and <br /> WHEREAS, the intent of the new Statement is to focus not on financial resources <br /> available for appropriation, but to focus instead on "the extent to which the government is bound <br /> to honor constraints on the specific purposes for which amounts in the fund can be spent"; and <br /> WHEREAS, GASB Statement No. 54 is effective for periods ending after June 30, 2011, <br /> which requires compliance by the City for its calendar year beginning January 1, 2011 and <br /> WI.. ending December 31, 2011, and since the City's new biennial budget will include this calendar <br /> year period, it is prudent to implement the new reporting classifications in time for inclusion in <br /> the 2010/2011 Biennial Budget document; and <br /> WHEREAS, GASB Statement No. 54 will affect the City's general fund, special revenue <br /> funds, capital project funds, and debt service funds, three total funds of which are included in the <br /> 2010/2011 Biennial Budget (General Fund, Hospital Debt Service, Seward Mountain Haven <br /> Debt Service); and <br /> WHEREAS, the new Statement No. 54 replaces the former fund balance classifications <br /> (reserved fund balance, unreserved fund balance, designated fund balance, and undesignatcd fund <br /> balance) with new classifications (nonspendable, restricted, committed, assigned, and <br /> unassigned). <br /> NOW, TIIEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br /> CITY OF SEWARD, ALASKA, that: <br /> Section 1. The Seward City Council hereby authorizes the early adoption of <br /> Governmental Accounting Standards Board Statement No. 54 in order to include the new <br /> required classifications in the 2010/2011 Biennial Budget. <br />