HomeMy WebLinkAbout[04e] Equity Classifications
Council Agenda Item 4e
MEETING DATE:
March 2, 2015
AGENDA ITEM:Equity Classifications
– Requested Action: Approve Equity
Classifications for Financial Year 2014
SUBMITTED BY:
Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION:
None
PREVIOUS COUNCIL ACTION:
The City Council adopted the fund balance policy \[revised\] on
12-15-11. Council also adopted Resolution 2011-024 committing specific revenue sources as required
under GASB 54.
BACKGROUND INFORMATION:
The revised fund balance policy and Resolution 2011-024 dictate
the classification of fund balance based on internal and external factors, and GASB 54. The following
classifications are provided for the governmental funds. The actual break-outs are attached.
Nonspendable fund balances are for items not expected to be converted to cash. For 2014 the City had a
prepaid expense for the January health and life insurance premiums. By nature of the item, the amount is
set aside as a prepaid asset.
Restricted fund balances are for items externally restricting the use of the funds. The restrictions include
unspent bond proceeds, TIF, park dedication, PEG access, charitable gambling and revolving loan
proceeds. State Statutes, grantors and creditors dictate the use of the funds with the City accepting the
restrictions.
Committed fund balances are amounts constrained for a specific purpose by Council resolution. The City
Council committed the remaining balance of the EDA for economic development functions.
Assigned fund balances are unspent non-general fund amounts not classified as nonspendable, restricted
or committed. The restraint of the use is self-imposed as approved by City Council and demonstrate a
specific purpose. The amounts may also include a portion of the general fund constrained in its use as
determined by the City Council.
Unassigned fund balance is for the general fund and residual deficit fund balances in other governmental
funds not classified in any other category. Unassigned amounts are available for any purpose. Council
established a stabilization arrangement for working capital of 4-6 months in the general fund. For year-
ended 2014, the calculated working capital for the general fund is 5.4 months of the 2015 expenditures.
The Enterprise Funds have four classifications to the equity. The classifications are contributed from
other governmental funds, contributed from developers, designed for unspent capital outlay and
undesignated. The attached spreadsheet shows the allocation of the enterprise equity.
BUDGET/FISCAL IMPACT:
Restrictions of the use of funds only.
ATTACHMENTS:
Request for Council Action – Equity Classifications
Equity 2014 – GASB 54
Equity 2014 – Working Capital
Equity 2014 - Enterprise
REQUESTED COUNCIL ACTION:
Approve the equity designations as presented.
CityofSt.Joseph
GASB54EquityBreakDown
December31,2014
MajorGovernmentalFundsNonmajor
Governmental
General(101,102,105,108)FundsTotal
Nonspendable
Prepaids22,423.00 22,423.00
Restricted
UnspentBondProceeds1,465,705.221,465,705.22
TaxIncrements17,981.5317,981.53
1/2CentSalesTax1,486,280.361,486,280.36
ParkDedicationFees40,086.1240,086.12
PEGAccessFees(+only)15,215.9715,215.97
CharitableGambling3,217.353,217.35
RevolvingLoan39,533.0639,533.06
15,215.973,052,803.643,068,019.61
Committed
EDA 100,396.28100,396.28
Assigned
StreetSealCoating/CrackFilling28,533.9928,533.99
LoaderTires763.62763.62
Elections24,115.5424,115.54
SchneiderField2,062.282,062.28
StreetMaintenancePlan5,000.005,000.00
PoliceForfeiture5,850.605,850.60
SeverancePay46,230.0046,230.00
FireOperations20,000.0020,000.00
FireCapital300,085.09300,085.09
FireDebtRelie180,000.00180,000.00
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CapitalOutlayReserves1,175,443.301,175,443.30
OtherPurposes253,927.38253,927.38
612,641.121,429,370.682,042,011.80
Unassigned
WorkingCapital(5.4months)1,100,000.001,100,000.00
RemainingUnassigned(13,863.97)(400.91)(14,264.88)
1,086,136.03(400.91)1,085,735.12
GovernmentalFundsNetPosition1,736,416.124,582,169.696,318,585.81
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December31,2014
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Reservedfor:Designatedfor:
PrepaidsDebtServiceCapitalProjectsWorkingCapitalTotal
GeneralFund(101,105,108)22,423.00180,000.00359,348.841,127,062.281,666,411.12
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2015GFExpenditureBudget2,458,040.00
5.75monthsdesignated45%
1,106,118.00
RoundedDesignation1,100,000.00
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WorkingCapital1,100,000.0
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Elections24,115.54
StreetSealcoating/CrackFill28,533.99
LoaderTires763.62
StreetMaintenancePlanUpdate5,000.00
PoliceForfeiture5,850.60
SchneiderField2,062.28
FireFundOperating20,000.00
FireFundCapital300,085.0
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FireFundDebtRelie180,000.0
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Undesignated10120,534.9742,957.97
Designated102Severance46,230.00
Undesignated105(34,398.94)
Undesignated10815,215.97
1,736,416.12
TotalUndesignated1,352.00
TotalReserved22,423.00
TotalDesignated1,712,641.12
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Designatedfor
EDA ķĻƭźŭƓğƷĻķĻƓƷƩǤ
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EDA(150)100,396.2853,041.9447,354.34
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December31,2014
ContributedContributedDesignated
OtherFundDeveloperforUnspentCapitalUndesignatedTotal
Water(601)4,311,110.09319,207.7145,218.302,795,950.027,471,486.12
Sewer(602)4,429,056.571,445,176.23165,038.561,707,345.797,746,617.15
Refuse(603)42,015.463,000.00237,322.25282,337.71
StormWater(651)717,418.36122,620.80214,037.913,137,508.324,191,585.39
StreetLightUtility(652)2,000.0014,789.5716,789.57
9,499,600.481,887,004.74429,294.777,892,915.9519,708,815.94
WaterSewerRefuseStormStreetLights
NetCapitalAssets13,889,120.2115,051,344.5032,528.903,948,512.79
LessBondPayable(6,420,000.00)(7,273,536.00)
Add12ABondPayable
Add12ABondPremium
LessDeferredPremium(50,079.00)(26,483.00)
InvestedinCAnetDebt7,419,041.217,751,325.5032,528.903,948,512.7919,151,408.40
Unrestricted52,444.91(4,708.35)249,808.81243,072.6016,789.57557,407.54
add501&5025,671.87275,095.29280,767.16
58,116.78270,386.94838,174.70
19,989,583.10