Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Amending Resolution R-2011-238 Regarding The Fund Balance Policy And Providing For A Retroactive Effective Date Of September 21, 2016.
Body
Staff Recommends: Approval of the Resolution
Explanation:
On September 21, 2011, the City Commission, via Resolution R-2011-238, formally adopted the City’s Fund Balance Policy based upon the policy contained in the Governmental Accounting Standards Board Statement No. 54. Resolution R-2011-238 included language related to governmental fund type definitions, purpose of the fund balance policy, target levels of funding and replenishment of funds, budgeting for fund balance, and periodic review and revision of the fund balance policy. Resolution R-2011-238 also contained a provision to maintain an unrestricted fund balance amount of 17% of the General Fund’s operating expenditures. With the adoption of the Fund Balance Policy, the General Fund has been able to establish and maintain the recommended unrestricted fund balance level. Section 6 of Resolution R-2011-238 contains a provision providing for a review of the policy to reaffirm or revise the Fund Balance Policy at least once every five (5) years. Due to the success of the General Fund’s Fund Balance Policy, it is recommended that the Fund Balance Policy be continued and annually reviewed as part of the budget development process in lieu of the language contained in Section 6 of Resolution R-2011-238. This amendment is to be adopted retroactively to September 21, 2016 to comply with Resolution R-2011-238’s time of review requirement.
Recommended for inclusion on the agenda by:
Dr. Wazir Ishmael, City Manager
George R. Keller, Jr. CPPT, Assistant City Manager for Public Safety, Interim Assistant City Manager for Finance and Administration
Cintya Ramos, Director, Financial Services