HomeMy WebLinkAbout[04e] Equity Classifications Council Agenda Item 4e
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MEETING DATE: April 18, 2016
AGENDA ITEM: Equity Classifications—for Financial Year 2015
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 on 10-23-14 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 2015 the City had
prepaid expenses for the January life insurance premium and PO Box rental fee. 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 2015,the calculated working capital for the general fund is 6 months of the 2016 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 2015—GASB 54
Equity 2015—Working Capital
Equity 2015 -Enterprise
REQUESTED COUNCIL ACTION: Approve the equity designations as presented.
City of St. Joseph
GASB 54 Equity Break‐Down
December 31, 2015
Major Governmental Funds Nonmajor
Governmental
General (101,102,105,108) Funds Total
Nonspendable
Prepaids 77 77
Restricted
Unspent Bond Proceeds 1,239,926 1,239,926
Tax Increments 17,331 17,331
1/2 Cent Sales Tax 1,266,776 1,266,776
Park Dedication Fees 59,727 59,727
PEG Access Fees (+ only) 20,366 20,366
Charitable Gambling 2,400 2,400
Revolving Loan 12,050 12,050
20,366 2,598,210 2,618,576
Committed
EDA 85,664 85,664
Assigned
Street Seal Coating/Crack Filling 15,945 15,945
Loader Tires 1,764 1,764
Elections 23,709 23,709
Schneider Field 2,250 2,250
Street Maintenance Plan 5,000 5,000
Police Forfeiture 9,318 9,318
Severance Pay 92,559 92,559
Fire Operations 20,000 20,000
Fire Capital 334,060 334,060
Fire Debt Relief 160,000 160,000
Capital Outlay Reserves 629,285 629,285
Other Purposes 184,991 184,991
664,604 814,276 1,478,880
Unassigned
Working Capital (5.4 months) 1,285,000 1,285,000
Remaining Unassigned 30,820 (16,174) 14,646
1,315,820 (16,174) 1,299,646
Governmental Funds Net Position 2,000,868 3,481,975 5,482,842
City of St. Joseph
Equity Designations ‐ General Fund
December 31, 2015
Designated/Reserved Fund Balance:
Reserved for: Designated for:
Prepaids Debt Service Capital Projects Working Capital Total
General Fund (101, 105, 108) 77.00 160,000.00 384,794.94 1,312,250.40 1,857,045.34
Working Capital Calculation:
2016 GF Expenditure Budget 2,569,980.00
5.75 months designated 50%
1,284,990.00
Rounded Designation 1,285,000.00
General Fund Equity at 12/31/13:
Working Capital 1,285,000.00
Elections 23,709.10
Street Sealcoating/Crack Fill 15,944.94
Loader Tires 1,763.62
Street Maintenance Plan Update 5,000.00
Police Forfeiture 9,317.51
Schneider Field 2,250.40
Fire Fund Operating 20,000.00
Fire Fund Capital 334,059.77
Fire Fund Debt Relief 160,000.00
Undesignated ‐ 101 60,284.06
Designated ‐ 102 Severance 92,558.84
Undesignated ‐ 105 (29,386.79)
Undesignated ‐ 108 20,366.34
2,000,944.79
Total Undesignated 51,263.61
Total Reserved 77.00
Total Designated 1,949,604.18
General Fund balance 2,000,944.79
Designated for
EDA designated entry Unappropriated
EDA (150) 85,663.85 62,583.81 23,080.04
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