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Res 11-23 Approving and Adopting of the Governmental Accounting Standards Board 54 Policy TOWN OF WESTLAKE RESOLUTION 11-23 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS, APPROVING AND ADOPTING THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) 54 POLICY, DELEGATING THE RESPONSIBILITY TO ASSIGN FUNDS TO THE TOWN MANAGER OR HIS/HER DESIGNEE, AND AMENDING THE EXISTING FISCAL AND BUDGETARY POLICIES TO INCORPORATE THE NEW POLICY AND APPROVED DELEGATION. WHEREAS, The Town Council being convened in Regular Session on the 29th day of August, 2011, with a quorum present; and, WHEREAS, the Town Council finds that the passage of this Resolution is in the best interest of the citizens of Westlake. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE: SECTION 1: That, all matters stated in the recitals hereinabove are found to be true and correct and are incorporated herein by reference as if copied in their entirety. SECTION 2: That,the Town Council of the Town of Westlake, Texas, hereby adopts Governmental Accounting Standard Board Statement (GASB) 54 effective August 29, 2011. To comply with GASB 54, the following policies will be adopted: The Town shall report governmental fund balances per GASB 54 definitions in the balance sheet as follows: • Nonspendable • Restricted • Committed • Assigned • Unassigned The Town Council shall approve all commitments by formal action. The action to commit funds must occur prior to fiscal year-end, to report such commitments in the balance sheet of the respective period, even though the amount may be determined subsequent to fiscal year-end. A commitment can only be modified or removed by the same formal action. The Town Council delegates the responsibility to assign funds to the Town Manager or his/her designee. The Town Council shall have the authority to assign any amount of funds. Assignments may occur subsequent to fiscal year-end. Resolution 11-23 Page 1 of 2 The Town Council will utilize funds in the following spending order: • Restricted • Committed • Assigned • Unassigned SECTION 3: If any portion of this resolution shall, for any reason, be declared invalid by any court of competent jurisdiction, such invalidity shall not affect the remaining provisions hereof and the Council hereby determines that it would have adopted this Resolution without the invalid provision. SECTION 4: That this resolution shall become effective from and after its date of passage. PASSED AND APPROVED ON THIS 29th DAY OF AUGUST, 2011. of w�sr�� * : Laura Wheat, Mayor ATTEST: TEXPS S Kelly Edwar , Town Secretary Thomas E. Brymer, l�°own Manager APPROV T L. anton w ow Attorney Resolution 11-23 Page 2 of 2