[HISTORY: Adopted by the Board of Supervisors of Green Lake County 10-18-1988 by Ord. No. 374-88; amended in its entirety 12-20-2011 by Ord. No. 1009-2011. Subsequent amendments noted where applicable.]
In February 2009, the Governmental Accounting Standards Board (GASB) issued GASB No. 54 Fund Balance Reporting and Governmental Fund Type Definitions; and
Green Lake County strives to provide a stable financial environment for the County's operations that allows Green Lake County to provide quality services to its residents in a fiscally responsible manner designed to keep services and taxes as consistent as possible over time; and
GASB No. 54 requires Green Lake County to classify governmental fund balances, establish minimum fund balance levels that will be retained, delegate authority to assign fund balances, and establish conditions for spending any stabilization arrangements by December 31, 2011; and
The County Board of Green Lake County approves the following funds:
Non-Spendable Fund Balance to include prepaid items and delinquent property tax account.
Restricted Fund Balance to include other monies with legal restrictions stipulated by outside parties (i.e., debt retirement), state statutes, or grant requirements placed on the use for specific purposes, and sales tax.
Committed Fund Balance to include all accounts to be established by resolution with amounts to be determined by the Finance Committee in the following fiscal year.
Assigned Fund Balance to include monies designated for a specific purpose as determined by the Finance Committee.
The policy of Green Lake County guiding the order of fund balance spend-down shall be as follows: 1) restricted, 2) committed, 3) assigned. This order will be used for purposes of reporting fund balance.
[Amended 11-10-2015 by Ord. No. 1128-2015]
At fiscal year end, Green Lake County will maintain a minimum unassigned general fund balance of not less than 20% of the actual current year general fund expenditures with a minimum of 15% for health and human services, 10% of the minimum unassigned general fund balance to be used as contingency for the following fiscal year.