HomeMy WebLinkAbout[04g] Transfers 9R
CITY OF STJOSEPH Agenda Item
[4gJ
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.
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City of St. Joseph
GASB 54 Equity Break‐Down
December 31, 2016
Nonmajor
Governmental
General (101,102,105,108) Government Center (401) Field St (404) Funds Total
Nonspendable
Prepaids 23,479 23,479
Restricted
Unspent Bond Proceeds 1,095,839 1,095,839
Tax Increments 22,971 22,971
1/2 Cent Sales Tax 1,569,589 1,569,589
Park Dedication Fees 120,301 120,301
PEG Access Fees (+ only) 26,567 26,567
Charitable Gambling 2,072 2,072
Lodging Tax 8,054 8,054
Revolving Loan 33,862 33,862
26,567 ‐ ‐ 2,852,687 2,879,254
Committed
EDA 133,381 133,381
Assigned
Street Seal Coating/Crack Filling 95,001 95,001
Loader Tires 2,889 2,889
Elections 15,529 15,529
Schneider Field 2,844 2,844
Street Maintenance Plan 10,000 10,000
Police Forfeiture 7,346 7,346
Severance Pay 99,763 99,763
Comp Plan Update 60,000 60,000
GASB Updates 2,600 2,600
Fire Operations 20,000 20,000
Fire Capital 396,622 396,622
Fire Debt Relief 160,000 160,000
Capital Outlay Reserves 468,238 1,233,489 577,650 2,279,377
Other Purposes 41,099 41,099
872,595 468,238 1,233,489 618,749 3,193,071
Unassigned
Working Capital (6 months) 1,400,000 1,400,000
Remaining Unassigned 39,298 213,008 252,306
1,439,298 ‐ ‐ 213,008 1,652,306
Governmental Funds Net Position 2,361,939 468,238 1,233,489 3,817,824 7,881,490
Major Governmental Funds
City of St. Joseph
Equity Designations ‐ General Fund
December 31, 2016
Designated/Reserved Fund Balance:
Reserved for: Designated for:
Prepaids Debt Service Capital Projects Working Capital Total
General Fund (101, 102, 105, 108) 23,479.12 160,000.00 528,425.52 1,610,736.63 2,299,162.15
Working Capital Calculation:
2017 GF Expenditure Budget 2,792,755.00
6 months designated 50%
1,396,377.50
Rounded Designation 1,400,000.00
General Fund Equity at 12/31/16:
Working Capital 1,400,000.00
Street Maintenance Plan Update 10,000.00
Schneider Field 2,844.06
Comp Plan Update 60,000.00
GASB Updates 2,600.00
Police Forfeiture 7,346.48
Street Sealcoating/Crack Fill 95,001.37
Loader Tires 2,888.62
Elections 15,529.23
Fire Fund Operating 20,000.00
Fire Fund Capital 396,621.90
Fire Fund Debt Relief 160,000.00
Designated ‐ 102 Severance 99,763.34
Designated ‐ 108 Cable Access 26,567.15
Undesignated ‐ 101 103,385.39
Undesignated ‐ 105 (64,087.60)
2,361,939.06
Total Undesignated 39,297.79
Total Reserved 23,479.12
Total Designated 2,299,162.15
General Fund balance 2,361,939.06
Designated for
EDA designated entry Unappropriated
EDA (150) 133,232.22 100,643.86 32,736.80