HomeMy WebLinkAboutRes1998-119
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 98-119
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ESTABLISHING A POLICY REGARDING THE ALLOCATION
OF INVESTMENT INCOME
WHEREAS, the Governmental Accounting Standards Board (GAS B) issued Statement No.
31 titled Accounting and Financial Reporting for Certain Investments and for External Investment
Pools; and
WHEREAS, GASB 31 requires a policy statement concerning the allocation of investment
income; and
WHEREAS, the current allocation method was established through the budget process and
by prior practices; and
WHEREAS, the City allocates investment income to the following fund types: General
Fund; Enterprise Funds; Debt Service Funds; Internal Service Funds and Agency Funds; and
WHEREAS, Individual Special Revenue Funds and Capital Project Funds receive
investment income only if legally mandated by the revenue source, such as the granting agency for
a specific grant, otherwise, the General Fund receives the investment income; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. The City of Seward will allocate investment income to the following fund types:
General Fund, Enterprise Funds, Debt Service Funds, Internal Service Funds and Agency Funds.
Individual Special Revenue Funds and Capital Project Funds will receive investment income only
if legally mandated by the revenue source, such as a granting agency, otherwise, the General Fund
receives the investment income.
Section 2. The allocation policy shall be to determine the amount of investment income on
a monthly basis, allocate that income by the cash basis, first to the non-General Funds that are
entitled to the investment income, and then allocate the balance to the General Fund.
Section 3. This resolution shall take effect immediately upon its adoption.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 12th
day of October, 1998.
CITY OF SEWARD, ALASKA
RESOLUTION NO. 98-119
THE CITY OF SEWARD, ALASKA
~^~
Lowell R. Satin, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
Blatchford, Callahan, Clark, Gage, King, Orr, Satin
None
None
None
ATTEST:
/q;4d~
Patrick Reilly
City ~n",l"
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