HomeMy WebLinkAboutMINUTES - 06282011 - C.99RECOMMENDATION(S):
ADOPT revision to the General Fund Reserve Policy (Resolution No. 2005/792) to comply
with terminology revisions required by the Governmental Accounting Standards Board
(GASB) Statement No. 54- Fund Balance Reporting and Governmental Fund Type
Definitions.
FISCAL IMPACT:
No fiscal impact. The revision is a change in terminology and does impact the fund balance.
BACKGROUND:
The Board of Supervisors established a General Fund Reserve Policy on December 20,
2005 (attached). In March 2009, the GASB issued Statement No 54 (GASB-54) in an effort
to improve the consistency in reporting fund balance components, enhance fund balance
presentation, and improve the usefulness of fund balance information reported in the
Comprehensive Annual Financial Report (CAFR). In summary, GASB-54 introduces new
terminology and classification of fund balance in governmental funds for reporting purposes
as of June 30, 2010.
APPROVE OTHER
RECOMMENDATION OF CNTY
ADMINISTRATOR
RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 06/28/2011 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I Supervisor
Gayle B. Uilkema, District II Supervisor
Mary N. Piepho, District III Supervisor
Karen Mitchoff, District IV Supervisor
Federal D. Glover, District V Supervisor
Contact: Lisa Driscoll, County
Finance Director (925) 335-1023
I hereby certify that this is a true and correct copy of an action taken and entered
on the minutes of the Board of Supervisors on the date shown.
ATTESTED: June 28, 2011
David Twa, County Administrator and Clerk of the Board of
Supervisors
By: June McHuen, Deputy
cc: Elizabeth Verigin, Assistant Auditor-Controller
C. 99
To:Board of Supervisors
From:David Twa, County Administrator
Date:June 28, 2011
Contra
Costa
County
Subject:GENERAL FUND RESERVE POLICY
The County Administrator's Office has been working closely with the Auditor-Controller's
Department to verify that the County's current fiscal practices and policies comply with
GASB-54. Very few changes to County policies are required. A revised General Fund
Reserve Policy will be brought to the Board at year end close (September 2011); however,
there is one change that is required prior to July 1, 2011. Due to a change in terminology,
the County Administrator and Auditor-Controller are recommending that the word
'unreserved' be changed to the new term of 'unassigned' in the first statement of the County's
General Fund Reserve Policy (as shown below).
BACKGROUND: (CONT'D)
Contra Costa County will strive to achieve a minimum unreserved unassigned
General Fund balance of 5% of budgeted General Fund revenues and a minimum
total General Fund balance of 10% of budgeted General Fund revenues;
1.
CONSEQUENCE OF NEGATIVE ACTION:
Existing policy will not be in compliance with GASB 54.
CHILDREN'S IMPACT STATEMENT:
None.
ATTACHMENTS
General Fund Reserve Policy