Santa Clara USD | E 3100 Business and Noninstructional Operations
RESOLUTION NO. 11-21 SANTA CLARA UNIFIED SCHOOL DISTRICT
TO ESTABLISH FUND
BALANCE POLICIES BY GASB 54
At a regular meeting of the Santa Clara Unified School District Governing Board held on
September 8, 2011 the Board adopts the following resolution:
WHEREAS, the Governmental Accounting Standards Board (GASB) has adopted Statement 54 (GASB 54), Fund Balance Reporting and Governmental Fund Type Definitions, that is effective in fiscal year 2010- 2011, and
WHEREAS, the Santa Clara Unified School District wishes to comply with GASB 54 as required beginning with the current July 1, 2010-June 30, 2011 fiscal year;
NOW THEREFORE BE IT RESOLVED, that the Board hereby adopts the following policy:
FUND BALANCE POLICY
Fund balance measures the net financial resources available to finance expenditures of future periods. The district's Unassigned General Fund Balance will be maintained to provide the district with sufficient working capital and a margin of safety to address local and regional emergencies without borrowing. The Unassigned General Fund Balance may only be appropriated by resolution of the Board.
Fund Balance of the district may be committed for a specific source by formal action of the Board. Amendments or modification to the committed fund balance must also be approved by formal action of the Board. Committed fund balance does not lapse at year end. The formal action required to commit fund balance shall be by Board resolution or majority vote.
The Board delegates authority to assign fund balance for a specific purpose to the Chief Business Official of the district.
For purposes of fund balance classification, expenditures are to be spent from restricted fund balance first and then unrestricted. Expenditures included in the unrestricted fund balances shall be reduced first from the committed fund balance, then from the assigned fund balance and lastly, the unassigned fund balance.
The Board recognizes that good fiscal management comprises the foundational support of the entire district. To make that support as effective as possible, the Board intends to maintain a state minimum required fund balance of three percent of the district's general fund annual operating expenditures.
This policy should be revisited each year for review.
IN WITNESS WHEREOF, this resolution was approved and adopted by at least a majority vote of the Board of the Santa Clara Unified School District this 16th day of June, 2011.
I HEREBY CERTIFY that the foregoing resolution was duly and regularly introduced, passed, and adopted by the members of the Board of the Santa Clara Unified School District at a public meeting of said Board held on September 8, 2011.
Andrew Ratermann, President
Bobbie Plough, Superintendent
Exhibit SANTA CLARA UNIFIED SCHOOL DISTRICT
version: September 8, 2011 Santa Clara, California
Reviewed: July 11, 2013