SIDEWALK, STREET IMPROVEMENT, AND DEMOLITION FUNDS REALLOCATED INTO THE GENERAL FUND AND CLOSE THE APPLICABLE SPECIAL REVENUE FUND
Due to Governmental Accounting Standards Board (GASB), Statement 54’s definition of a special revenue fund, the City will need to close the sidewalk, street improvement, and demolition fund and move into the appropriate general fund department account. All revenues and current year expenditures will be allocated to the general fund and will have no impact to the City. This will allow the City’s financial statements to conform with Generally Accepted Accounting Principles (GAAP) as established by GASB.
Recommend approval for the first reading of the budget amendment to move the sidewalk, street improvements, and demolition special revenue funds into the general fund.