HomeMy WebLinkAbout08552ORDINANCE NO. 8552
AN ORDINANCE ESTABLISHING COMMITTED FUND
BALANCES FOR GOVERNMENTAL FUNDS OF THE CITY
OF PUEBLO
WHEREAS, the City Council passed and approved Ordinance No. 8433 on
December 27, 2011, adopting a policy for committed and assigned fund balances for all
governmental funds of the City; and
WHEREAS, said policy states that committed fund balances shall be approved
by the City Council, by Ordinance; and
WHEREAS, said policy further states that such commitments shall only be
modified or changed by the passage of a new Ordinance approved by the City Council;
NOW THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
There is hereby established a Committed Fund Balance within the General Fund
in an amount equal to 10% of the annual general fund expenditures and transfers.
SECTION 2.
There is hereby established a Committed Fund Balance within the Public
Improvement Fund of the City of Pueblo in an amount equal to the remaining
unexpended PEG monies received for use in satisfying contractual obligations, plus
funds previously received and unexpended from developers in lieu of park land
dedications with the City.
SECTION 3.
This Ordinance is effective December 31, 2011, nunc pro tunc.
INTRODUCED: December 10, 2012
BY: Leroy Garcia
COUNCIL PERSON
PASSED AND APPROVED: December 26, 2012
Background Paper for Proposed
O
RDINANCE
DATE: AGENDA ITEM # R-1
DECEMBER 10, 2012
DEPARTMENT:
DEPARTMENT OF FINANCE
SAM AZAD, DIRECTOR
TITLE
AN ORDINANCE ESTABLISHING COMMITTED FUND BALANCES FOR
GOVERNMENTAL FUNDS OF THE CITY OF PUEBLO
ISSUE
Should the City Council establish committed fund balances with the governmental funds of
the City?
RECOMMENDATION
Approval of this Ordinance.
BACKGROUND
The City of Pueblo’s financial statements, including its Comprehensive Annual Financial
Report (CAFR), is structured and prepared in accordance with standards of accounting and
financial reporting for U.S. state and local governments established by the Governmental
Accounting Standards Board (GASB). In February 2009, GASB issued Statement No. 54.
This Statement set forth the required method for reporting the fund balance within each of
the Reported Funds into five categories, as appropriate. The fund balance categories are
Nonspendable, Restricted, Committed, Assigned, and Unassigned.
On December 27, 2011, the Council passed and approved Ordinance No. 8433, adopting a
Policy for committed and assigned fund balances for all governmental funds of the City of
Pueblo. This Policy states that Committed fund balances shall be approved by the City
Council, by Ordinance, and said commitments shall only be modified or changed by the
passage of a new Ordinance approved by City Council.
This Ordinance establishes a committed fund balance within the General Fund in an
amount equal to 10% of the annual general fund expenditures and transfers. In addition,
the amount of remaining unexpended PEG monies previously received from Comcast for
use in satisfying contractual obligations, as well as funds previously received and
unexpended from developers in lieu of park land dedication are also specifically committed
within the Public Improvement Fund of the City of Pueblo.
FINANCIAL IMPACT
None