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CITY OF NORTH OLMSTED RESOLUTION N0.2011 - 139 BY: Mayor Kennedy and Council Member Barker A RESOLUTION APPROVING THE ADOPTION OF A FUND BALANCE REPORTING POLICY IN COMPLIANCE WITH THE GOVERNMENTAL ACCOUNTING AND STANDARDS BOARD, SPECIFICALLY STATEMENT 54, AND DECLARING AN EMERGENCY. WHEREAS, the Governmental Accounting Standards Board ("GASB") has adopted Statement 54, which constitutes a new standard for governmental fund balance definition and reporting, effective for governmental fiscal years starting after June 15, 2010, and which is applicable to financial statements ending December 31, 2011; and WHEREAS, the Director of Finance has drafted and proposes to adopt the attached Fund Balance Policy in order to maintain financial reporting standards consistent with and required by GASB Statement 54; and WHEREAS, it is the desire of this Council, consistent with the recommendation of the Director of Finance, to approve the attached draft Fund Balance Policy in order to provide for financial reporting standards consistent with GASB Statement 54 requirements. NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, CUYAHOGA COUNTY, AND STATE OF OHIO: SECTION 1: That this Council does hereby accept and agree with the adoption of the Fund Balance Policy, as attached hereto and incorporated herein, marked Exhibit A, as presented and proposed by the Director of Finance and in order to adhere to financial reporting requirements of the Governmental Accounting Standards Board (GASB), particularly with respect to issuance of Statement 54, effective June 15, 2010, applicable to fiscal year ending December 31, 2011. SECTION 2: That this Resolution is hereby declared to be an emergency measure immediately necessary for the preservation of the public health, safety and welfare, and further for the reason that it is necessary that this Ordinance go into effect immediately in order to adopt policy required by GASB Statement 54 prior to December 31, 2011; and further provided it receives the affirmative vote of two-thirds of all members of Council, it shall take effect and be in force immediately upon its passage and approval by the Mayor. PASSED: ~~I~~, _ !~ I First Reading: Second Reading.• Third Reading: ~_ Committee: ATTEST: