HomeMy WebLinkAboutBIL 262 Draft 01 2010-2012COUNTY 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. "
SECTION 2. Material to be added is underscored. In printing this ordinance the
underscoring need not be included.
SECTION 3. Severability. If any provision of this ordinance or the application thereof
to any person or circumstance is held invalid, such invalidity shall not affect other provisions or
applications of this ordinance without the invalid provisions or applications, and to this end, the
invalidity or applications provisions of this ordinance are declared to be severable.
SECTION 4. This ordinance shall take effect upon its approval.
, Hawai`i
Date of Introduction:
Date of 1st Reading:
Date of 2nd Reading:
Effective Date:
DEFERENCE: Comm. 734
INTRODUCED BY:
COUNCIL MEMBER,
2
TY OF HAWAII