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are less than projected) due to changes in the economic environment. Examples of <br /> "economic triggers" include: <br /> • Significant decrease in property tax (5%) or sales tax (10%); <br /> • Changes in the formula and/or allocation of property and sales tax revenues and <br /> annual entitlements or grant funds by the state or federal government. <br /> Golf Course Debt Service Reserve. The City's fiscal policies require that the City set <br /> aside two years of debt service for the 2003 Certificates of Participation (Certificates) of <br /> approximately $3.2 million. The proceeds from the Certificates were used to acquire <br /> and construct the Callippe Preserve Golf Course. The Golf Course Fund also reserves <br /> monies for the two year debt service reserve and therefore, the total reserve (both the <br /> General Fund portion and the Golf Course Fund portion) are maintained equal to two <br /> years of debt service. <br /> With a balanced budget in place the above circumstances or conditions would not be <br /> expected to occur routinely. Staff is recommending per the attached resolution the City <br /> Council "commit" the General Fund reserves in accordance with the City's fiscal policies <br /> for the Economic Uncertainty Reserve and the Temporary Recession Reserve. These <br /> committed amounts cannot be used for any other purpose unless the City Council <br /> removes or changes the specified use through a formal action of the City Council. Staff <br /> is recommending the Golf Course Debt Service Reserve be assigned under the new <br /> GASB classification. <br /> In addition, GASB Statement No. 54 allows the City Council authority to "assign" ending <br /> fund balances or bestow this authority to a city officer or designee. To prepare financial <br /> reports with accurately categorized fund balances as per GASB Statement No. 54, staff <br /> is recommending that the Finance Director be given authority to assign ending fund <br /> balances as applicable to achieve the goals and policies of the City. <br /> Attached herein is the 2009/10FY Fund Balance Report that details pre- and post-GASB <br /> No.54 fund balances. These new classifications will be used when preparing the City's <br /> CAFR for the fiscal year ending June 30, 2011. <br /> Submitted by: Approved by: <br /> Emily E. Wager Nelson Fialho <br /> Director of Finance City Manager <br /> Attachments: <br /> 1. Resolution <br /> 2. 2009/10FY Fund Balance Report <br /> Page 3 of 3 <br />