Office of the Superintendent of Schools
Office of Finance and Operations
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Resolution Approving The Commitment Of General Fund Unassigned Fund Balance
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The purpose of this agenda item is to request that the School Board formally commits funds from the General Fund unassigned fund balance for the reserve for operations.
Governmental Accounting Standards Board (GASB) statement 54 - Fund Balance Reporting and Governmental Fund Type Definitions (GASB 54) established fund balance classifications that comprise a hierarchy of five possible classifications, as follows:
• Non-spendable Fund Balance includes amounts not in spendable form, such as inventory, or amounts required to be maintained intact legally or contractually.
• Restricted Fund Balance includes amounts constrained for a specific purpose by external parties (e.g., debt service, capital projects, and federal funds).
• Committed Fund Balance includes amounts constrained for a specific purpose by a government using its highest level of decision-making authority (e.g., land, capital replacement reserve).
• Assigned Fund Balance includes general fund amounts constrained for a specific purpose by a governing board or by an official that has been delegated authority to assign amounts.
• Unassigned Fund Balance is the residual classification for the General Fund.
Compliance with GASB 54 requires that the School Board annually approves any committed fund balance amounts. A copy of the resolution for this approval is attached.
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COST/FUNDING SOURCE(S): |
None |
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STAFFING IMPLICATIONS: |
None |
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THIS ITEM DOES NOT ESTABLISH, MODIFY, OR DELETE BOARD POLICY.
recommendation
RECOMMENDED: That the School Board approves the resolution committing funds from the General Fund unassigned fund balance, effective June 13, 2025.