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CASST';LBERRY CITI' COD~IMISSION <br />Minutes of July 25, 2011-Regular Meeting <br />Page 4 of 18 <br />BA# 11-039: <br />Explanation of Request: This item seeks City Commission approval to reduce the balance of special <br />assessments held by the City due to unlikely collection of the balance. Financial accounting standards dictate <br />that when a balance is not likely to be collected, it must be removed from the general ledger. This amendment <br />removes the remaining balances of all special assessments ranging from 1976 to 1990 from the accounts <br />receivable balance of the City's general ledger. <br />Account Number Account Description Amount <br />INCREASE: <br />001-0000-389.90-00 Fund Balance $137,581 <br />219-0000-389.90-00 Fund Balance $113,257 <br />001-0190-590.01-00 Bad Debt Expense $137,581 <br />219-0190-590.01-00 Bad Debt Expense $113,257 <br />Recommendation: The City Manager and the Finance Director recommended approval of Budget <br />Amendment #11-039. <br />E. Budget Amendment #11-044 -Transfer from Self Insurance Fund to General Fund <br />Introduction: Consideration of Budget Amendment # 11-044 to transfer $1,092,320 fiom the Self Insurance <br />Fund to the General Fund is requested. <br />Budget Impact: Budget Amendment #11-044 transfers $1,092,320 from the Self Insurance Fund to the <br />General Fund. Upon authorization of the budget amendment, the Self Ilsurance Fund will be closed. <br />BA# 11-044: <br />Explanation of Request: Authorization is requested to transfer fiords and close the Self Insurance Fulld into <br />the General Fund. A separate Self Insurance Fund has been maintained by the City for contingencies from law <br />suits and health insurance. Accounting for the City is maintained according to Generally Accepted Accounting <br />Principles (GAAP). Rules carrying the most weight establish GAAP come from the Government Accounting <br />Standards Board (GASB). New rule GASB 54 defines funds and fund balance and the Casselbeny Self <br />lnnsurance Fund no longer qualify for separate presentation in the financial statements. Therefore, the fiord <br />balance of the Self Insurance Fund must be moved and consolidated into the General Fund. <br />Account Number Account Description Amount <br />INCREASE; <br />501-0190-519.91-01 Transfer to General Fund $1,092,320 <br />