HomeMy WebLinkAbout08682ORDINANCE NO. 8682
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 9.6% 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.
The officers and the staff of the City are directed and authorized to perform any and all
acts consistent with the intent of this Ordinance to effectuate the policies and procedures
described herein.
SECTION 4.
This Ordinance shall become effective December 31, 2013.
INTRODUCED: December 9, 2013
BY: Chris Kaufman
PASSED AND APPROVED: December 23, 2013
Background Paper for Proposed
ORDINANCE
DATE: DECEMBER 9, 2013 AGENDA ITEM # R-3
DEPARTMENT: DEPARTMENT OF FINANCE
DEBORAH MORTON, INTERIM DIRECTOR
TITLE
AN ORDINANCE ESTABLISHING COMMITTED FUND BALANCES FOR
GOVERNMENTAL FUNDS OF THE CITY OF PUEBLO
RECOMMENDATION
Approval of this Ordinance.
BACKGROUND
The City of Pueblo’s financial statements, including its Comprehensive Annual Financial
Report (CAFR), are 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 9.6% 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