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To amend ch. 12 of the City Code by adding therein a new art. V (?? 12-251-12-265) for the purpose of establishing policies concerning fund balances.
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That Chapter 12 of the Code of the City of Richmond (2015) be and is hereby
amended and reordained by adding therein a new Article V, consisting of sections numbered 12-
251 through 12-265, as follows:
ARTICLE V
FUND BALANCES
DIVISION 1
GENERALLY
Sec. 12-251. Definitions.|1010|(a) The following words, terms, and phrases, when used in this division, have the
meanings ascribed to them in this subsection, except where the context clearly indicates a different
meeting:
(1) Calculated general fund surplus. "Calculated general fund surplus" means
the general fund balance less all of the following:
a. The amount of any committed fund balance other than the Budget
and Revenue Stabilization Contingency Reserve, non-spendable fund balance, or
restricted fund balance.
b. Any encumbered amount properly reported within a committed fund
balance, non-spendable fund balance, or restricted fund balance.
c. The amount of the unassigned fund balance as reported in the City's
comprehensive annual financial report for the immediately preceding fiscal year.
d. The amount of the Budget and Revenue Stabilization Contingency
Reserve as reported in the City's comprehensive annual financial report for the
immediately preceding fiscal year.
e. Any amounts "due to" or "due from" the School Board of the City
of Richmond, Virginia.
(2) General fund balance. "General fund balance" means, for a fiscal year, the
net position of the general fund calculated as of June 30 in accordance with generally
accepted accounting principles.
(3) Special purpose reserve. "Special purpose reserve" means an assigned fund
balance or a committed fund balance for which this article does not expressly provide and|1010|that does not exist as of the date on which the ordinance initially establishing this article
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