CITY COUNCIL AGENDA ITEM
Memo Date: February 22, 2024
Agenda Date: February 27, 2024
Prepared By: Rebecca Bowman, MBA, CGFO, CGFM
Through: Stockton Whitten, City Manager
Requested Action:
title
Council approval of FY23 assigned fund balance listing requested to be able to complete the FY23 Annual Comprehensive Financial Report (ACFR) for audit
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BACKGROUND:
City Council revised the Fund Balance Policy in July, 2023 via resolution 2023-080. In the fund balance policy revision, the City Manager must present to City Council a list of suggested assigned fund balance items for the current year concurrent with the issuance of the ACFR. Council is requested to approve this listing in order for the Finance Director to provide the financial statements to the auditors so that they can audit the completed financial statements timely to comply with bond covenants & deadlines to apply for the GFOA Certificate of Achievement for Excellence in Financial Reporting award. Many of the items on the list have already been approved by City Council through budget amendments rolling over budget into FY24 for the purchase order and uncommitted FY23 budgeted items. Future budget amendments will be required to use assigned fund balance when staff is ready to commit funding to actual purchases for the items on the FY23 assigned fund balance list.
The list of the FY23 City Manager recommended assigned fund balance items is in the process of being finalized at the time of publication of the Council Agenda and will be provided to City Council at the meeting.
STRATEGIC PLAN CONNECTION:
Fiscal sustainability
BUDGETARY IMPACT:
Budgeted N/A
If not budgeted, is amendment/transfer attached? Choose an item.
PREVIOUS ACTION:
City Council approved the FY21 assigned fund balance list and the FY22 fund balance list on May, 23, 2023 (Agenda 23-203) and March 6, 2023 (Agenda 23-175) respectively.
RECOMMENDED MOTION:
Recommendation
Council approval of FY23 a...
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