CC RES 2011-022 RESOLUTION NO. 2011-22
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS
VERDES, ADOPTING CITY COUNCIL POLICY NO. 41, RESERVE POLICIES.
WHEREAS, the Governmental Accounting Standards Board (GASB) issued Statement
No. 54, Fund Balance Reporting and Governmental Fund Type Definitions; and
WHEREAS, for financial statement reporting purposes, the GASB Statement defines
Nonspendable amounts as those that are not in a spendable form or are required to be
maintained intact; and
WHEREAS, for financial statement reporting purposes, the GASB Statement defines
Restricted amounts as those that are constrained to specific purposes by their providers through
constitutional provisions or enabling legislation; and,
WHEREAS, for financial statement reporting purposes, the GASB Statement defines
Committed amounts as those constrained to specific purposes by the government itself; and
WHEREAS, for financial statement reporting purposes, the GASB Statement defines
Assigned amounts as those the government intends to use for a specific purpose; and
WHEREAS, the City Council's Policy No. 41, Reserve Policies, has been modified to
include the City Council's policy for Committing and Assigning fund balance for financial
statement reporting purposes, and the City Council's policy for the order in which classified fund
balance is spent when amounts in more than one classification are available for a particular
purpose.
NOW BE IT, THEREFORE, RESOLVED BY THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES:
The City Council's Policy No. 41, Reserve Policies, as modified for compliance with
Governmental Accounting Standards Board Statement No. 54, Fund Balance Reporting and
Governmental Fund Type Definitions, is approved and adopted by the City Council.
PASSED, APPROVED, AND ADOPTED THIS 19th DAY • 'y 2011. Ai
_
Mayor
ATTEST: Ci
City Clerk
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I, Carla Morreale, City Clerk of the City of Rancho Palos Verdes, hereby certify that the above
Resolution No. 2011-22 was duly and regularly passed and adopted b -the said City Council at
a regular meeting thereof held on April 19, 2011.
giciga
City Clerk