DEPARTMENT: Finance
FILE TYPE: Consent Action
TITLE
title
Establishment Of 2024 Fund Balance Commitments
end
PURPOSE/ACTION REQUESTED
Establish the designation of Committed Fund Balances for fiscal year 2024.
SUMMARY
Per the Dakota County Fund Balance Policy No. 2003, the County may impose constraints on certain spending that shall be determined by the close of the fiscal year by action of the County Board of Commissioners. These funds are classified as Committed Fund Balance.
The classification of Committed Fund Balance falls under Statement 54 of the Governmental Accounting Standards Board (GASB) - Fund Balance Reporting and Governmental Fund Type Definitions and applies to fund balances reported in the local government's major fund categories and fund types.
By Resolution No. 15-583 (November 17, 2015), the Dakota County Board of Commissioners authorized the establishment of the Environmental Legacy Fund (ELF) with the stated purpose of "protection, preservation or enhancement of the environment". The ELF was established by moving the host fee and gravel tax revenue from the Environmental Management Fund and reporting the remaining fiscal activity of the Environmental Management Fund as General Fund activity.
The current structure reports ELF revenue and expenditures within the Environmental Management Fund which allows the County to report the ELF activity separately in the Annual Comprehensive Financial Report (ACFR).
Committing these funds does not restrict the Board from amending the commitment in the future and does not affect the amount of expenditures budgeted for 2025.
RECOMMENDATION
recommendation
Staff recommends designating the unrestricted fund balance in the ELF Fund as Committed Fund Balance as of December 31, 2024, for the purposes of protection, preservation, or enhancement of the environment...end
EXPLANATION OF FISCAL/FTE IMPACTS
? None ? Current budget ? Other
? Amendment Requested ...
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