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Home My WebLink About[04e] Equity Classifications Council Agenda Item 4e MEETING DATE: March 5, 2018 AGENDA ITEM: Equity Classifications –for Financial Year 2017 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 2017 the City had prepaid expenses for the January life and medical insurance premiums. By nature of the items, the amounts are 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 2017, the calculated working capital for the general fund is 6 months of the 2018 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 2017 – GASB 54 Equity 2017 – Working Capital Equity 2017 - Enterprise REQUESTED COUNCIL ACTION: Approve the equity designations as presented. CityofSt.Joseph GASB54EquityBreakDown December31,2017 MajorGovernmentalFundsNonmajor Governmental General(101,102,105,108)CBDAlley(405)FundsTotal Nonspendable Prepaids25,712 25,712 Restricted UnspentBondProceeds1,160,4351,160,435 TaxIncrements25,55025,550 1/2CentSalesTax1,046,1881,046,188 ParkDedicationFees121,382121,382 PEGAccessFees(+only)34,37034,370 CharitableGambling2,0902,090 DEEDCDAP11,14511,145 LodgingTax20,75420,754 RevolvingLoan205,655205,655 34,3702,593,1992,627,569 Committed EDA 39,77339,773 Assigned StreetSealCoating/CrackFilling131,506131,506 LoaderTires4,3894,389 Elections14,98814,988 SchneiderField3,8173,817 PoliceForfeiture7,8357,835 SeverancePay115,843115,843 CompPlanUpdate4,9154,915 GASBUpdates5,2005,200 FireOperations20,00020,000 FireCapital408,433408,433 FireDebtRelief129,452129,452 CapitalOutlayReserves52,296347,278399,574 OtherPurposes405,069405,069 846,37852,296752,3471,651,022 Unassigned WorkingCapital(6months)1,480,0001,480,000 RemainingUnassigned19,363(10,526)8,837 1,499,363(10,526)1,488,837 GovernmentalFundsNetPosition2,405,82452,2963,374,7935,832,913 /źƷǤƚŅ{Ʒ͵WƚƭĻƦŷ 9ƨǒźƷǤ5ĻƭźŭƓğƷźƚƓƭDĻƓĻƩğƌCǒƓķ December31,2017 5ĻƭźŭƓğƷĻķΉwĻƭĻƩǝĻķCǒƓķ.ğƌğƓĭĻʹ Reservedfor:Designatedfor: PrepaidsDebtServiceCapitalProjectsWorkingCapitalTotal GeneralFund(101,102,105,108)25,712.20129,452.13586,533.071,644,763.322,360,748.52 ƚƩƉźƓŭ/ğƦźƷğƌ/ğƌĭǒƌğƷźƚƓʹ 2018GFExpenditureBudget2,961,415.00 6monthsdesignated50% 1,480,707.50 RoundedDesignation1,480,000.00 DĻƓĻƩğƌCǒƓķ9ƨǒźƷǤğƷЊЋΉЌЊΉЊАʹ WorkingCapital1,480,000.001,493,931.94 SchneiderField3,816.94 CompPlanUpdate4,915.00 GASBUpdates5,200.00 PoliceForfeiture7,835.09143,729.70 StreetSealcoating/CrackFill131,505.99 LoaderTires4,388.62 Elections14,988.04 FireFundOperating20,000.00 FireFundCapital408,433.10 FireFundDebtRelief129,452.13 Designated102Severance115,843.34 Designated108CableAccess34,370.27 Undesignated101107,724.59 Undesignated105(88,361.77) 2,405,823.54 TotalUndesignated19,362.82 TotalReserved25,712.20 TotalDesignated2,360,748.52 DĻƓĻƩğƌCǒƓķĬğƌğƓĭĻЋͲЍЉЎͲБЋЌ͵ЎЍ Designatedfor EDA ķĻƭźŭƓğƷĻķĻƓƷƩǤ ƓğƦƦƩƚƦƩźğƷĻķ EDA(150)39,773.3039,773.30 ЋЏͲВЉЎ͵ЍЋ ЋАЌͲЍЏБ͵ЌЌ БͲЎАЊͲЏЏБ͵ЏЊБͲЋЋЋͲЊЊА͵ЉЌЍͲЋВЌͲВВЊ͵ЍЊ ЋЊͲЌББͲЊЎЉ͵БЉ ВͲВЉЎ͵ЍЋ ЋЋЎͲАЉЉ͵ЋЎ ЋͲАЊЎͲЎЊВ͵ЊЎЊͲЍВАͲЍЌЎ͵ЌЍЋͲАБЋͲААБ͵АЉАͲЋЌЊͲЌЌБ͵БЏ /ğƦźƷğƌ ƓķĻƭźŭƓğƷĻķƚƷğƌ 9ƨǒźƷǤ ĬğƌğƓĭĻΉ ЋЉЊА ЎͲАЎЋ͵ЏЋ ЊАͲЉЉЉ͵ЉЉ WƚƭĻƦŷ ЌЏАͲЌЌЋ͵ЍЎЊЌЏͲЏЏБ͵ЎЉЋЉЋͲАЉЋ͵ЍЍАЋВͲЍЎЏ͵ЉЊ ЌЊͲ ĬƚƓķ CǒƓķƭ {Ʒ͵ 5ĻƭźŭƓğƷĻķ ƓƭƦĻƓƷ ƚŅ tЊ 5ĻĭĻƒĬĻƩ /źƷǤ 9ƓƷĻƩƦƩźƭĻ ЍЎАͲЌЊЌ͵АЊЊЏВͲЏЍЉ͵БЉ ЊͲЎЎЋͲВЌЍ͵АЌЋͲЊАВͲББВ͵ЋЍ /ƚƓƷƩźĬǒƷĻķ CǒƓķ5ĻǝĻƌƚƦĻƩŅƚƩ hƷŷĻƩ ЊЊͲЋЍАͲЍЏЏ͵ЏВ /ƚƓƷƩźĬǒƷĻķ ΛЏЎЋΜ ΛЏЎЊΜЊͲЊЌБͲБЏВ͵ЍА ƷźƌźƷǤ ΛЏЉЌΜЍЋͲЉЊЎ͵ЍЏ ΛЏЉЊΜЎͲЉЌЊͲЎЉЌ͵ЌЉ ΛЏЉЋΜЎͲЉЌЎͲЉАБ͵ЍЏ ğƷĻƩ\[źŭŷƷ ğƷĻƩ{ĻǞĻƩwĻŅǒƭĻ{ƷƚƩƒ{ƷƩĻĻƷ