Minutes 01/10/2012 - Laserfiche WebLink

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January 10. 2012 Discussion: . In FY10, the School Board had $80,836.55 in the operating fund balance. . On September 22, 2011 the School Board adopted a resolution requesting the City Council to re-appropriate $60,627.41 for the purpose of providing funds for a renovation project at the Stephen H. Clarke facility. Financial impact: . $60,627.41 - re-appropriate to the School Division. . $20,209.14 - allocation to the General Fund of the City. Recommended Action: . Adoption of the ordinance. Vision Principle: Lifelong Learning Community. Next Steps Following Council Action: . Upon receipt of the $80,836.55 from the School Division, the City will transfer $60,627.41 to the School Division. Motion by Mr. Edmonds, and seconded by Mr. Heretick, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE AMENDING THE FY 2011-12 CAPITAL IMPROVEMENTS PROGRAM BY ESTABLISHING A NEW PROJECT #91312--STEPHEN H. CLARKE RENOVATIONS AND APPROPRIATING THE SUM OF $60,627.41 IN THE FY 2011- 12 CAPITAL IMPROVEMENTS FUND FROM THE FY 2009-2010 GENERAL FUND UNDESIGNATED, UNRESTRICTED FUND BALANCE FOR SAID PROJECT." Ayes: Cherry, Edmonds, Heretick, Moody, Whitehurst, Wright Nays: None 12 - 17 - Adoption of a resolution to amend the City of Portsmouth Financial Policies to reflect the new Fund Balance Classifications in accordance with GASB Statement No. 54. Vision Principle: Bold New Directions. Background: . The City of Portsmouth's Financial Policies were adopted by City Council in the fall of 2009, based on the current accounting standards. . For fiscal year 2011, the Governmental Accounting Standards Board (GASB) adopted GASB Statement No. 54 - Fund Balance Reporting and Governmental Fund Type Definitions - establishing criteria for reporting of Fund Balance for governmental funds and Governmental Fund Type definitions effective for . It is a formal requirement of GASB Statement No. 54 that Fund Balance Classification policies and procedures be disclosed as part of year end financial statement preparation for fiscal year 2011 and thereafter. These are reflected in the 2011 CAFR. . City Council was informed of these GASB No.54 changes on May 24, 2011 In a presentation by the City Controller. Discussion: . In the Financial Policies section titled Fund Balance Policy Minimum, all references to Unreserved; Undesignated General Fund Balance will be changed to Unrestricted, Unassigned General Fund Balance. . GASB 54: Fund Balance Reporting and Governmental Fund Type Definitions implications for the City: . Changes in Financial Reporting (Presentation change only). . Changes in Budget Reporting (Presentation change only). . Changes in Special Revenue Fund Reporting (Presentation change only). Financial impact: . There is no financial impact to the City as a result of implementing GASB No. 54 (Presentation Change Only).