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ORDINANCE NO. 91- 36 <br />INTRODUCED BY: Mayor Carmen and Council as a Whole <br />AN ORDINANCE <br />ESTABLISHING AND DEFINING A <br />GOVERNMENT FIIND ACCOUNTING BTRUCTURE FOR <br />MAYFIELD VILLAGE, OHIO, AND <br />DECLARING APT EMERGENCY <br />WHEREAS, the Auditor of State is phasing in the mandate <br />that local governments prepare an annual financial report using <br />generally accepted accounting principles applicable to <br />governments; and <br />WHEREAS, the National Counsel of Governmental Accounting, <br />in Statement 1, established a framework for fund accounting by <br />governments; and <br />WHEREAB, the Governmental Accounting Standards Board (GASB) <br />has modified the reporting of special assessment fund with the <br />release of statement six; and <br />WHEREAS, the goal of the Mayor and Council of Mayfield <br />Village is to publish an easily understandable and comprehensive <br />annual financial report; and <br />WHEREAS, the accounting and reporting capabilities of the <br />Village must make it possible both (a) to present fairly and with <br />full disclosure the financial position and results of financial <br />operations of the funds and account groups of the governmental <br />unit in conformity with generally accepted accounting principles; <br />and (b) to determine and demonstrate compliance with finance <br />related legal and contractual provisions; now, therefore, <br />BE IT ORDAINED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THAT: <br />SECTION 1. For purposes of this Ordinance a fund shall <br />be defined as fiscal and accounting entity with a self-balancing <br />set of accounts recording cash and other financial resources, <br />together with all related liabilities and residual equities or <br />balances and changes therein which are segregated for the purpose <br />of carrying on specific activities or attaining certain <br />objectives in accordance with special regulations, restrictions <br />and limitations.