14. Categori es and Classification of Fund Equity (Continued)

City Council · 2026-04-21 · agenda_item

This item concerns the City of West Melbourne's financial reporting and fund equity classifications, specifically following GASB Statement No. 54. It details categories like Nonspendable, Restricted, Committed, Assigned, and Unassigned Fund Balance. The City's General Fund must maintain a minimum unassigned, unappropriated fund balance of twenty percent of current fiscal year expenditures, less capital outlay and transfers. As of September 30, 2025, this minimum balance was $3,250,229. This is a continued discussion item on the City Council's agenda, indicating it is under review. While no direct construction project is described, the financial policies discussed could influence future budgeting and resource allocation for city projects. Businesses involved in financial services, accounting, and legal services may find opportunities related to the implementation and ongoing management of these financial policies.

minimum unassigned fund balance

20 percent

minimum balance as of September 30, 2025

3,250,229 $