§ 2-127. Policy.  


Latest version.
  • (a)

    Committed fund balance. The city council is the city's highest level of decision-making authority and the formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution approved by the council at the city's council meeting. The resolution must either be approved or rescinded, as applicable, prior to the last day of the fiscal year for which the commitment is made. The amount subject to the constraint may be determined in the subsequent period.

    (b)

    Assigned fund balance. The city council has authorized the city's finance director as the official authorized to assign fund balance to a specific purpose as approved by this fund balance policy.