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FISCAL YEAR 2013/14 ANNUAL FINANCIAL STATUS REPORT
RESOLUTION NO. 2014-192 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING THE CATEGORIZATION OF $3.6 MILLION IN THE ECONOMIC CONTINGENCY RESERVE AS A COMMITTED FUND BALANCE FOR FISCAL YEAR 2013/14, IN ACCORDANCE WITH GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 54 AND COUNCIL POLICY 159-04
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RECOMMENDED ACTION
Recommended Action
Council accept the report and adopt the resolution.
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SUMMARY
This report is provided in order to meet the City Charter requirement of publishing the City's Combined Statement of Revenues, Expenditures and Changes in Fund Equity (Schedule D) in the local newspaper within 120 days of the close of the fiscal year. The statement was published in the October 24th issue of The Star News, which is the City's adjudicated newspaper of general circulation.
The Economic Contingency Reserve is classified as a "Committed Fund Balance" for financial statement reporting purposes. The City Council must pass a formal resolution to reserve a portion of fund balance as "Committed Fund Balance" in an amount equal to the Economic Contingency Reserve balance of $3.6 million; and to be in compliance with Governmental Accounting Standards Board Statement 54 and Council Policy 159-04.
ENVIRONMENTAL REVIEW
The Development Services Director has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the activity is not a "Project" in accordance with Section 15378(b)(4) of the State CEQA because it involves only acceptance of the fiscal year 2013/14 annual financial status report and a commitment of fund balance, therefore it is governmental fiscal activity which does not involve any commitment to any specific project that will not result in a potentially significant physical impact on the environment; therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines the activity is not ...
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