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Fort Walton Beach Council agenda — 08-16-11 special budget — reading text
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City Council of Fort Walton Beach
FINANCE
MEMORANDUM
To: Robert T. Meams, City Manager
From: Brandy Wunker, Finance Director
Date: August 16, 2011
Resolution 2011 - 13 Fund Balance
L BACKGROUND:
1. 1. Resolution 2011 - 13 adopts a fund balance policy, consistent with the Governmental
Accounting Standards Board Statement No. 54, to insure against unanticipated events that
would adversely affect the financial condition of the City and jeopardize the continuation
of necessary public services.
1. 2. At the Budget Policy meeting, City Council voted to maintain a General Fund reserve
level at 30% of total annual expenditures.
2. 1. The attached fund balance policy establishes committed fund balance for the General
Fund at 30% of total annual expenditures.
2. 2. The policy also establishes minimum unrestricted net assets for each of the City's
Enterprise Funds, with the exception of the Golf Fund, at 33% of operating and debt
expenses. In addition, the policy sets up Renewal & Replacement funds.
3. FINANCIAL INFORMATION:
3. 1. For the