HomeMy WebLinkAboutResolutions - 2001.09.20 - 26653MISCELLANEOUS RESOLUTION #01249
BY: Finance Committee, Sue Ann Douglas, Chairperson
IN RE: BOARD OF COMMISSIONERS / LIBRARY BOARD - CONSOLIDATION OF LIBRARY FUND
WITH GENERAL FUND AND TRANSFER OF FUND BALANCE
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS implementation of Governmental Accounting Standards Board
(GASB) Statement #34 will be effective FY2002, beginning October 1, 2001; and
WHEREAS due to the new and revised fund types to be reported in the
fund financial statements and requirements to report on an activity basis in
the government-wide financial statements, the Fiscal Services Division has
reviewed current fund and activity reporting to determine potential
reclassifications and consolidations; and
WHEREAS a determination has been made that the Library Fund (Fund
#268), currently designated a Special Revenue Fund originally established to
account for gifts and donations to the Library Board, accounts for activities
which are truly governmental in nature and, therefore, should be consolidated
with the County's General Fund (Fund #101); and
WHEREAS the current fund balance of the Library Fund is over $300,000
and generates approximately $20,000 annual Interest income, that is credited
to the Library Fund for the exclusive use of the Library Board; and
WHEREAS one (1) Library Division General Fund/General Purpose Clerk III
position (#07860), created by Misc. Resolution #96131 dated June 27, 1996, is
currently reimbursed from the Special Revenue proceeds of the Library Fund;
and
WHEREAS the intent of this resolution is to simplify the accounting and
financial reporting of Library Board activities without jeopardizing current
and future resources derived from gifts and donations, including interest
earned on these assets, which shall be for the exclusive use of the Library.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners authorizes the consolidation of accounting and financial
reporting of the Library Fund (Fund #268) with the General Fund (Fund #101)
and transfer of fund balance as of FY2001 Year End Closing, September 30,
2001.
BE IT FURTHER RESOLVED that a General Fund Designated Fund Balance be
established equivalent to the aforementioned transfer, for the exclusive use
of Library Board activities as authorized by the Board of Commissioners.
BE IT FURTHER RESOLVED that the Library Division Clerk III position
(#07860) currently reimbursed from the Library Fund continue to be funded
from the newly established General Fund Designated Fund Balance, supplemented
with imputed General Fund interest earnings on that designated fund balance.
BE IT FURTHER RESOLVED that all donations made to the County Libraries
be placed in a special account and that any interest earned on the donated
monies shall be placed in the special account.
Chairperson, on behalf of the Finance Committee, I move the adoption of
the foregoing resolution.
FINANCE COMMITTEE
FINANCE COMMITTEE COMMITTEE
Motion carried unanimously on a roll call vote with Friedman Appel absent.
Resolution #01249 September 20, 2001
Moved by Douglas supported by Patterson the resolution be adopted.
AYES: Garfield, Gregory, Law, McPherson, Melton, Millard, Moffitt,
Moss, Obrecht, Palmer, Patterson, Sever, Suarez, Taub, Webster, Amos, Appel,
Brian, Buckley, Causey-Mitchell, Coleman, Crawford, Dingeldey, Douglas,
Galloway. (25)
NAYS: None. (0)
A sufficient majority having voted therefore, the resolution was
adopted.
HE FOREGOING RES0 1 lT
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, G. William Caddell, 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 20, 2001 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 201p. daydef September, 2001.
T. William Caddell, County Clerk