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PNGISD board assigns $15 million to operating reserves under GASB 54 policy
Summary
Port Neches-Groves ISD trustees adopted a GASB 54-compliant fund-balance policy and assigned $15,000,000 of a projected $16,500,000 General Fund balance for three months of operating reserves; the motion passed 6-0.
The Board of Trustees on Aug. 29 adopted a resolution implementing GASB 54 fund-balance classifications and assigned $15,000,000 of the district's projected $16,500,000 General Fund balance for three months of operating and excess expenditures.
The resolution language in the packet states that unassigned General Fund balance will be maintained to provide the district with sufficient working capital and a margin of safety and that assigned amounts may be set by the governing body or delegated officials. The resolution notes the order in which fund-balance classifications are to be used: restricted, committed, assigned, then unassigned.
The motion to approve the resolution was made by Dustin Marsh and seconded by Lana Parker and passed unanimously (6-0). The resolution applies beginning with the fiscal year ending Aug. 31, 2024.
