Village of Great Neck Estates, NY
Nassau County
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Table of Contents
Table of Contents
[HISTORY: Adopted by the Board of Trustees of the Village of Great Neck Estates 10-8-2018. Amendments noted where applicable.]
GENERAL REFERENCES
Investment policy — See Ch. 38.
Fees — See Ch. 109.
Taxation — See Ch. 198.
A. 
Nonspendable: consists of assets that are inherently nonspendable in the current period either because of their form or because they must be maintained intact, including prepaid items, inventories, long-term portions of loans receivable, financial assets held for resale, and principal of endowments.
B. 
Restricted: consists of amounts that are subject to externally enforceable legal purpose restrictions imposed by creditors, grantors, contributors, or laws and regulations of other governments; or through constitutional provisions or enabling legislation. Because the state regulates the establishment, funding and use of reserves, generally, reserves will be classified as restricted fund balance.
C. 
Committed: consists of amounts that are subject to a purpose constraint imposed by a formal action of the government's highest level of decisionmaking authority before the end of the fiscal year and that require the same level of formal action to remove the constraint.
D. 
Assigned: consists of amounts that are subject to a purpose constraint that represents an intended use established by the Board or by their designated official. The purpose of the assignment must be narrower than the purpose of the general fund, and in funds other than the general fund, assigned fund balance represents the residual amount of fund balance. Assigned fund balance generally includes encumbrances and appropriated fund balance.
E. 
Unassigned: represents the residual classification for the government's general fund and could report a surplus or deficit. In funds other than the general fund, the unassigned classification should be used only to report a deficit balance resulting from overspending for specific purposes for which amounts had been restricted, committed, or assigned.
A. 
Fund balance measures the net financial resources available to finance expenditures within current or future periods. The Village's unassigned general fund balance will be maintained to provide the Village with financial stability and a margin of safety to fund unanticipated contingent expenditures that may occur unexpectedly during the fiscal year. The unassigned general fund balance used for these purposes may only be appropriated by resolution of the Board of Trustees unless voter approval is required.
B. 
Any portion of fund balance may be applied or transferred for a specific purpose either by voter approval, if required by law, or by formal action of the Board of Trustees if voter approval is not required. Amendments or modification to the applied or transferred fund balance must also be approved by formal action of the Board of Trustees.
C. 
The Board of Trustees shall delegate the authority to assign fund balance, for encumbrance purposes, to the person(s) to whom it has delegated the authority to sign purchase orders.
D. 
In circumstances where an expenditure is incurred for a purpose for which amounts are available in multiple fund balance classifications (e.g., expenditures related to reserves), the expenditure is to be spent first from the restricted fund balance, to the extent that an approved permissive referendum is in place or has been appropriated by the Board of Trustees, and then from the unrestricted fund balance. Expenditures incurred in the unrestricted fund balances shall be applied first to the assigned fund balance to the extent that there is an assignment, and then to the unassigned fund balance.