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RESOLUTION N0. 5649 BY: Brown, Chinnock, Gallagher, Graham., <br /> McBride, Salmon, Wendling <br /> AN EMERGENCY RESOLUTION approving the reorganization of the Financial <br /> Accounting Fund structure of the City of Lakewood. <br /> WHEREAS, the National Committee in Governmental Accounting (fVCG), the <br /> standard setting body for Governmental Accounting, have in their <br /> Statement 1 and 2, instituted Generally Accepted Accounting Principles <br /> (GAAP) for Government, and, <br /> WHEREAS, the Municipal Finance Officer's Association of America (MFOA) <br /> in collaboration with the NCGA has issued 1980 Governmental Accounting, <br /> Auditing and Financial Reporting for Government (GAAFR), to fully inter- <br /> pret Statements 1 and 2, and <br /> WHEREAS, these promulgations instituted by the NCGA and the MFOA serve <br /> as Generally Accepted Accounting Principles for Government, and, <br /> WHEREAS, these promulgations set forth certain fund structures that <br /> municipal governments should follova to be in conformance with these <br /> accounting principles, and <br /> WHEREAS, the Council of the City of Lakewood and the Director of Finance <br /> of the City of Lakewood desire to make a committment to have the City <br /> conform with Generally Accepted Accounting Principles, and <br /> WHEREAS, in order to be in conformance with Generally Accepted Accounting <br /> Principles, some restructuring of the City's fund structures must be <br /> done, and <br /> WHEREAS, this resolution constitutes an emergency measure providing for <br /> the usual daily operation of a municipal department; now, therefore, <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: <br /> Section 1. Director of Finance is hereby authorized and directed to <br /> initiate the reorganization of the Financial Accounting Fund structure <br /> of the City of Lakewood in conformance with the National Committee on <br /> Governmental Accounting (NCG) Statements 1 and 2, and the 1.980 Govern- <br /> <br /> mental Accounting, Auditing and Financial Reporting as prescribed by the <br /> Municipal Finance Officer's Association of America. <br /> Section 2. That the fund structure of the City of Lakewood, Ohio shall <br /> be in conformance with the principles authorized in Section 1 hereof and <br /> that the fund structure of the City of Lakewood shall be as follows: <br /> A. General Fund <br /> B. 1. State Highway Fund <br /> 2. Street Construction, Maintenance & Repair Fund <br /> 3. Police Pension Fund <br /> 4. Fire Pension Fund <br /> 5. Community Development Block Grant <br /> 6. General Revenue Sharing <br /> 7. Office on Aging <br /> 8. City Debt Service Fund <br /> C. 1. Bond Retirement Fund <br /> <br />