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MISCELLANEOUS RESOLUTION #11207 September 22, 2011
BY: FINANCE COMMITTEE, TOM MIDDLETON, CHAIRPERSON
IN RE: DEPARTMENT OF MANAGEMENT AND BUDGET! FISCAL SERVICES DIVISION — IMPLEMENTATION
OF GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB) STATEMENT No. 54
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS Public Act 493 of 2000 (Uniform Budgeting and Accounting Act — as amended) requires units
of local government, including counties, to report their financial transactions on the basis of "... Generally
Accepted Accounting Principles (GAAP) as set forth by the Government Accounting Standards Board (GASB)...
as determined acceptable by the State Treasurer"; and
WHEREAS the State Treasurer requires that, unless otherwise directed, the pronouncements of the
Government Accounting Standards Board (GASB) will constitute GAAP in the State of Michigan; and
WHEREAS in February 2009 GASB issued Statement No. 54 which, among other items, changed the
definition for "special revenue funds" requiring local units of government to examine their fund classifications and
make appropriate adjustments for all fiscal years beginning after June 15, 2010 (County fiscal year 2011); and
WHEREAS as determined by the Department of Management and Budget, in consultation with Plante
and Moran (the firm retained by Oakland County to audit the financial statements), the change in the definition of
"special revenue funds" will require six funds, currently reported as "Special Revenue", to be reclassified as
follows:
Interim Retiree Medical Benefit Trust Fund
Delinquent Personal Property Tax Fund
Public Health Fund
Property Tax Forfeiture Fund
Community Partnership Fund
CC1RF
to Pension Trust Fund
to Enterprise Fund
to General Fund
to General Fund
to General Fund
to General Fund
WHEREAS Statement No. 54 must be implemented with the FY 2011 year-end financial report and
therefore, implementation will require reclassification of the above funds, as well as amending the FY 2011 and
FY 2012-2014 budgets to match the reclassifications.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners authorizes the
implementation of GASB Statement No. 54, concurrent with the close of the fiscal year 2011 financial activities,
specifically related to the reclassification of the following funds from "Special Revenue" to the classifications
shown below:
Interim Retiree Medical Benefit Trust Fund
Delinquent Personal Property Tax Fund
Public Health Fund
Property Tax Forfeiture Fund
Community Partnership Fund
CCIRF
to Pension Trust Fund
to Enterprise Fund
to General Fund
to General Fund
to General Fund
to General Fund
BE IT FURTHER RESOLVED that the FY 2011 and the FY 2012-2014 Triennial Budgets be amended to
properly reflect the reclassifications of the funds listed above.
Chairperson, on behalf of the Finance Committee, I move adoption of the foregoing resolution.
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote with Long and Crawford absent.
Resolution #11207 September 22, 2011
Moved by Nuccio supported by McGillivray the resolutions (with fiscal notes attached) on the Consent
Agenda be adopted (with accompanying reports being accepted).
AYES: Crawford, Dwyer, Gershenson, Gingell, Gosselin, Greimel, Hatchett, Hoffman, Jackson,
Long, Matis, McGillivray, Middleton, Nash, Nuccio, Potts, Quarles, Runestad, Scott, Taub,
Weipert, Woodward, Zack, Bosnic, Covey. (25)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the Consent
Agenda were adopted (with accompanying reports being accepted).
t HEREBY APPROlf THE FOREGOING RESOLUTION
-J 1 i
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Bill Bullard Jr., Clerk of the County of Oakland, do hereby certify that the foregoing resolution is a true
and accurate copy of a resolution adopted by the Oakland County Board of Commissioners on
September 22, 2011, with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County of Oakland at
Pontiac, Michigan this 22nd day of September, 2011.
EL(2_0_
Bill Bullard Jr., Oakland County