CCR2015053-Fund Balance Policy
COMMON COUNCIL – CITY OF MUSKEGO
RESOLUTION #053-2015
APPROVAL OF AMENDMENTS TO FUND BALANCE AND
ANNUAL GENERAL FUND
BUDGETED CONTINGENCY POLICY
WHEREAS, In 2011, the Governmental Accounting Standards Board (GASB) issued
Statement No. 54 – Fund Balance Reporting and Governmental Fund Type Definitions,
which changed the terminology used for fund balance reporting on balance sheets of
Governmental Funds; and
WHEREAS, With the adoption of Resolution #170-2011, the Common Council
established the Fund Balance and Annual General Fund Budgeted Contingency Policy
to comply with GASB Statement No. 54. The new policy replaced prior fund balance
policies; and
WHEREAS, The new policy established the following procedure:
A committed general fund balance shall be maintained as of December 31 of
each year equal to the unfunded portion of the City’s accrued compensated
absences liability.
WHEREAS, The existing policy needs to be amended to establish the following:
A committed Special Revenue Compensated Absences fund balance shall be
maintained as of December 31 of each year equal to the unfunded portion of the
City’s accrued compensated absences liability.
Remove Special Revenue Rescue Fund and Recreation Ticket Fund per prior
Council authorization.
NOW, THEREFORE, BE IT RESOLVED That the Common Council of the City of
Muskego, upon the recommendation of the Finance Committee, does hereby amend
the existing Fund Balance and Annual General Fund Budgeted Contingency Policy as
attached.
BE IT FURTHER RESOLVED That the policy shall take effect upon Common Council
adoption.
BE IT FURTHER RESOLVED That the adoption of the revised policy will replace
Resolution #170-2011 adopted on December 13, 2011.
TH
DATED THIS 26 DAY OF MAY , 2015.
Resolution #053-2015
SPONSORED BY:
FINANCE COMMITTEE
This is to certify that this is a true and accurate copy of Resolution #053-2015 which
was adopted by the Common Council of the City of Muskego.
_________________________
Clerk Treasurer
5/15