5.04.005 Definitions.
The following words or phrases, when used in this title, shall have the meanings set forth in this section. For this title only, the definitions required by Governmental Accounting Standards Board Statement 54 are listed in the order of importance:
“Nonspendable fund balance” means amounts that must be maintained intact legally or contractually.
“Restricted fund balance” means amounts that are constrained for a specific purpose by external parties, constitutional provision or enabling legislation.
“Committed fund balance” means amounts that are constrained for a specific purpose by council. The addition, removal or change requires approval from council by ordinance. The action to constrain resources must occur prior to fiscal year-end; however, the amount can be determined in the subsequent period.
“Assigned fund balance” means for all governmental funds other than the general fund, any remaining positive amounts not classified as nonspendable, restricted or committed. For the general fund, “assigned fund balance” means amounts constrained for the intent to be used for a specific purpose. The finance director is given authority to make the determination of assigned fund balance.
“Unassigned fund balance” means for the general fund, amounts not classified as nonspendable, restricted, committed or assigned. The general fund is the only fund that would report a positive amount in unassigned fund balance. For all governmental funds other than the general fund, “unassigned fund balance” means the amount expended in excess of resources that are nonspendable, restricted, committed or assigned (a residual deficit). To determine a residual deficit, no amount should be reported as assigned.
“Maximum unrestricted fund balance (sum of committed, assigned and unassigned)” means with respect to any annual budget as amended from time to time, an amount that is equal to 60 percent of the sum of:
1. Budgeted general fund operating expenditures, net of any budgeted reimbursement of such expenditures in the current fiscal year plus:
2. The budgeted amount of general obligation debt service, not including general obligation debt service with a dedicated revenue source less:
3. Any committed fund balance as determined by the close of the most recent audit fiscal year.
“Minimum unrestricted fund balance” means with respect to any annual budget as amended from time to time, an amount that is equal to 50 percent of the sum of:
1. Budgeted general fund operating expenditures, net of any budgeted reimbursement of such expenditures in the current fiscal year plus:
2. The budgeted amount of general obligation debt service, not including general obligation debt service with a dedicated revenue source less:
3. Any committed fund balance as determined by the close of the most recent audit fiscal year.
“Collection agency” means a person, firm or other entity with a municipal contract to provide third party collection services.
“Cost of collection” means the fee or commission described in a municipal contract as allowed to be earned by a collection agency for collecting municipal debt.
“Minimum net position” means any specified enterprise fund and with respect to any annual budget as amended from time to time, 50 percent of the amount derived by deducting from the total amount of expenses budgeted for that fund (1) budgeted expenditures from the fund for debt service and capital projects, and (2) the budgeted allowance for depreciation for the fund. (Ord. 14-21 § 2, 2014; Ord. 11-10 § 2, 2011)