To: Martin L. Cousineau, Finance Committee Chairperson
From: Chrystal Simpson, Chief Financial Officer
title
RE: Approval of a request to assign General Fund balance for broadband for $3,000,000.00 and GCCARD capital improvements for $3,400,000.00
recommendation
BOARD ACTION REQUESTED:
Approval of a request to assign General Fund balance for broadband for $3,000,000.00 and GCCARD capital improvements for $3,400,000.00
BACKGROUND:
Assign the fund balance amounts for specific uses in accordance with GASB Statement No. 54.
DISCUSSION:
Upon review of fund balance amounts at the end of fiscal year September 30,2024, it was concluded to recommend that we assign fund balance for these two purposes. This will still maintain 2 months/ worth of operating expenses in unassigned fund balance which is the recommendation of the GFOA (Government Finance Officers Association).
IMPACT ON HUMAN RESOURCES:
N/A
IMPACT ON BUDGET:
This is a balance sheet item so budgets will not be affected.
IMPACT ON FACILITIES:
N/A
IMPACT ON TECHNOLOGY:
N/A
CONFORMITY TO COUNTY PRIORITIES:
This conforms to the County priority of long-term financial stability. Reviewing yearly expenses and having funds set aside will ensure the General Fund has money available for anticipated upcoming needs.
resolution
TO THE HONORABLE CHAIRPERSON AND MEMBERS OF THE GENESEE COUNTY BOARD OF COMMISSIONERS, GENESEE COUNTY, MICHIGAN
LADIES AND GENTLEMEN:
BE IT RESOLVED, by this Board of County Commissioners of Genesee County, Michigan, that the request by the Chief Financial Officer to assign fund balance of an additional $3,400.000.00 for GCCARD capital improvements and $3,000,000.00 for broadband, is approved (a copy of the memorandum request being on file with the official records of the February 26, 2025 meeting of this Board).