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HomeMy WebLinkAboutCOM 0734.001 2010-2012 w ... Email: dyagong @co.hawaii.hi.us DOMINIC YAGONG Phone: (808) 961-8264 Council Chairperson � .i?�1 ' Fax: (808) 961-8912 Council District 1 ""' Hawai`i County Council County of Hawai`i 25 Aupuni Street Hilo,Hawaii 96720 June 19, 2012 To: �-�-,Members of the Hawai`i County Council From: Dominic Yagong, Chairperson Subject: PROPOSED AMENDMENT TO BILL NO. 262,AN ORDINANCE AMENDING CHAPTER 2, ARTICLE 4, SECTION 2-12.4, HAWAII COUNTY CODE 1983 (2005 EDITION, AS AMENDED), RELATING TO FUND BALANCE. Please find attached a proposed amendment for an ordinance amending Chapter 2, article 4, section 2-12.4 relating to fund balance as noted below in Ramseyer format. Amending Section 2-12.4 Fund Balance, (a)(f)as follows: "(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) until: (1) Fifty percent of the actuary recommended payment has been made; or (2) All fund balance in excess of$5,000,000 has been appropriated. 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." A clean copy of the measure is attached for your review and consideration. DY/sao Att. Comm. No. 13(f° 1 Ref. Too =t_ Serving the Interests of the People of Our Island Ref, Date JUN 19 2012 Hawai`i County Is An Equal Opportunity Provider And Employer 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) until: (1) Fifty percent of the actuary recommended payment has been made; or (2) All fund balance in excess of$5,000,000 has been appropriated. 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.