BIL 262 Draft 01 2010-2012 - Laserfiche WebLink

Home

COUNTY OF HAWAII STATE OF HAWAII BILL NO. 262 ORDINANCE NO. AN ORDINANCE AMENDING CHAPTER 2, ARTICLE 4, SECTION 2 -12.4, HAWAII COUNTY CODE 1983 (2005 EDITION, AS AMENDED), RELATING TO FUND BALANCE. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Chapter 2, Article 4, Section 2 -12.4 Hawai`i County Code 1983 (2005 Edition, as amended), is amended to read as follows: "Section 2 -12.4. Fund balance. (a) Definitions. "Unassigned fund balance" means the residual classification for the general fund and includes all amounts not contained in the other classifications, such as non - spendable, restricted, committed, and assigned fund balances. Unassigned amounts are technically available for any purpose. (b) If a governmental fund has a fund balance deficit, then it shall be reported as a negative amount in the unassigned classification in that fund. Positive unassigned amounts will be reported only in the general fund. (c) The director of finance shall provide the budgetary fund balance and the fund balance designated for a future year, as separate line items, in a written report to the council no later than October 15 for the preceding fiscal year. This report shall be presented to the committee designated to review financial matters as soon as practicable after its receipt. In the absence of council committees, the report shall be sent to the council in the same time frame. (d) The director of finance shall provide the Comprehensive Annual Financial Report (CAFR) containing the audited, unassigned fund balance to the council no later than December 31 for the preceding fiscal year. This report shall be presented to the committee designated to hear financial matters, or in the absence of council committees, the report shall be sent to the council as soon as practicable after its receipt. (e) If a report may be late, the director of finance shall submit a written communication to the council with an explanation of the reason for being late before the deadlines in (c) and (d) above. The communication shall be placed on the agenda in the committee charged with financial issues or in the absence of council committees, the communication shall be sent to the council as soon as practicable. (f) At the end of each fiscal year, any fund balance in excess of $5,000,000 shall be applied to the post employment benefits account (GASB -45). This subsection shall not apply in any fiscal year where a payment of at least fifty percent of the actuary's recommended GASB- 45 payment has been appropriated in the County's operating budget. "