2011-070 Amend Legislative Fund Balance PolicyCITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 2011-070
A RESOLUTION AMENDING LEGISLATIVE
POLICY 6-G FUND BALANCE POLICY
WHEREAS, In February 2009, the Governmental Accounting Standards Board (GASB) issued
Statement of Governmental Accounting Standards, No. 54, Fund Balance Reporting and
Governmental Fund Type Definitions; and
WHEREAS, GASB 54 establishes fund balance classifications that comprise a hierarchy based
primarily on the extent to which a government is bound to observe constraints imposed upon
the use of the resources reported in governmental funds; and
WHEREAS, GASB 54 also includes the specific requirements and parameters of a fund balance
policy; and
WHEREAS, The requirements of this statement are effective for financial statements for periods
beginning after June 15, 2010.
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Hopkins hereby
revises Legislative Policy 6-G, Fund Balance Policy to reflect the changes promulgated by
GASB 54.
EFFECTIVE DATE: This amendment will go into effect on December 21, 2011.
Adopted by the City Council of the City of Hopkins this 20th day of December 2011.
By
Eugene axwell, Mayor
ATTEST:
Q 14
tio 'I 7Ld/z
Kristine A. Ludke, City Clerk