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Committee recommends Assembly adopt updated accounting policies and enterprise fund net position policy
Summary
Treasurer Wurdick presented draft updates to accounting policies, including a new enterprise fund "net position" policy to allow the Assembly to set aside committed enterprise funds by legislation; the committee recommended the resolution to the Assembly.
The Finance Committee reviewed a draft resolution updating municipal accounting policies and procedures and recommended the Assembly approve the changes.
Treasurer Wurdick explained the draft includes an enterprise fund net position policy (analogous to a fund-balance policy for enterprise funds) that would allow the Assembly, by legislation, to commit enterprise funds for specific purposes such as grant matches. "This will give us the ability ... to set that based on this policy," Wurdick said, describing the mechanism for setting aside committed funds.
The chair moved that the committee recommend the Assembly approve the updated policies; a member seconded and the committee voted unanimously "aye." The recommendation will be forwarded to the Assembly for final action.
Clarification: The update includes routine three-year housekeeping of policies plus the new net position policy for enterprise funds; the committee treated the item as a recommended housekeeping and policy-improvement action that requires Assembly adoption to take effect.
