Res 15-039RESOLUTION NO. 15 -039
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
RECLASSIFYING THE VARIOUS COMPONENTS OF
GENERAL FUND BALANCE AS DEFINED IN GOVERNMENTAL
ACCOUNTING STANDARDS BOARD STATEMENT NO. 54
WHEREAS, on June 21, 2011, the City Council adopted Resolution 11 -036
approving and defining the various components of fund balance as required by
Governmental Accounting Standards Board Statement No. 54; and
WHEREAS, City Council adoption of the Reserve Policy for the General Fund
necessitates revisions to the adopted classification of the General Fund balance
components.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway
as follows:
Section1: The City Council hereby removes the previously established classifications
(i.e., "Committed ") for components of General Fund balance, and adds new classifications
(i.e., "Assigned ") for components of General Fund balance, as follows:
Fund No. I Fund Name I Desianation
101
State Economic Uncertainty Fund
$3,100,000
103
Street Maintenance Fund
$4,483,286
104
Pension Stabilization Fund
$2,422,809
Added "Assigned Fund Balance " Classifications
Reserve Levellercentage
of Annusl C3eneral Fund
Operating budget
Ex enditures
101
Revenue Volatility
10 %
107
Expenditure Volatility
5%
108
Extreme Events /Public Safety
30%
Total General Fund Reserve
45%
Section 2: The classification amendments will become effective starting with the Fiscal
Year 2015 -16 1St Quarter Budget Update report to the City Council.
Section 3: The City Council designates the City Manager as the City official to determine
and define the amounts of those components of fund balance that are classified as
"Assigned Fund Balance."
Resolution No. 15 -039
Page 2
PASSED, ADOPTED AND APPROVED, by the City Council of the City of Poway,
California, at a regular meeting this 6th day of October 2015.
Steve Vaus, Mayor
ATTEST:
I
WTIF MW • • -
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO)
I, Sheila R. Cobian, CMC, City Clerk of the City of Poway, do hereby certify under
penalty of perjury that the foregoing Resolution No. 15 -039 was duly adopted by the City
Council at a meeting of said City Council held on the 6th day of October 2015, and that it
was so adopted by the following vote:
AYES: LEONARD, CUNNINGHAM, MULLIN, GROSCH, VAUS
NOES: NONE
ABSENT: NONE
DISQUALIFIED: NONE
Sh'eAa R. Cobian, CMC, City Clerk
City of Poway