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GASB 54 Fund Balance Components 3 June 20, 2011 <br />Fiscal Impact: <br />There is no direct impact of implementing GASB Statement No. 54. The amounts reported as the <br />total fund balance in any given fund are not altered. Only the reporting of the individual <br />components that make up the total fund balances are changed. General Fund fund balance at June <br />30, 2010, under pre -GASB 54 classifications compared to post -GASB 54 implementation are <br />provided in Exhibit A. These new classifications are required to be used on external formal <br />financial reporting documents, such as the Comprehensive Annual Financial Report (CAFR). <br />Attachment: Exhibit A <br />CONCLUSION <br />Staff recommends City Council approval of a resolution approving the Fund Balance components <br />as defined in Government Accounting Standards Board statement no. 54. <br />