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Palo Alto County assigns $125,000 for future buildings under GASB 54 implementation
Summary
The Board adopted a resolution implementing GASB 54 reporting changes and assigned $125,000 for future county buildings and repairs for FY 2026-2027 on April 21, 2026.
The Palo Alto County Board of Supervisors approved a resolution on April 21 to implement Governmental Accounting Standards Board (GASB) Statement 54 reporting changes and to apply those requirements beginning in fiscal year 2026-2027. The resolution establishes an assigned fund balance of $125,000 for future county buildings and repairs.
Chair Linus Solberg signed the resolution on behalf of the Board. The action aligns the county’s fund balance reporting with GASB 54 definitions and requires staff to reflect the assigned amount in FY 2026-2027 financial statements.
