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rr 1792 <br />'ANC 0 <br />Memorandum <br />Cabarrus County Finance <br />To: Board of County Commissioners <br />From: Susan Fearrington, Assistant Finance Director <br />Re: GASB Statement No. 54 <br />Date: May 27, 2011 <br />The following is a summary of information obtained from the Local Government <br />Commission. <br />The Governmental Accounting Standards Board (GASB) has issued GASB <br />Statement No. 54, Fund Balance Reporting and Governmental Fund Type <br />Definitions that will be effective for Cabarrus County, June 30, 2011. The <br />statement has two major areas of discussion: (1) fund type definitions and (2) <br />fund balance classifications <br />Fund Type Definitions <br />GASB Statement No. 54 will change the way North Carolina governments report <br />certain parts of their financial statements. GASB Statement No. 54 requires <br />presentation changes. Units of government are not required to change how they <br />budget for their funds. <br />New fund category descriptions are included in GASB No. 54. Based on the new <br />descriptions and with guidance from our auditing firm Martin Starnes and <br />Associates, Cabarrus County will be reclassifying five funds. The following funds <br />were reclassified from a Special Revenue Fund type to a Capital Projects Fund <br />type: <br />Capital Reserve Fund <br />Utility Fund <br />Small Projects Fund <br />Cabarrus County Finance Department <br />65 Church Street SE (28025) • P.O. Box 707 Concord, NC 28026 -0707 <br />Phone: 704.920.2104 • Fax: 7�0t4 1 <br />F Website: www.cabar�uusgceoYV.us <br />