Fund Balances The fund balance table reflects the estimated beginning fund balance as of July 1, 2020, plus the FY21/22 budgeted revenues, transfers in, expenditures, and transfers out and the projected ending fund balance at June 20, 2022. These totals are reflected in each department budget detail page. When looking at the Audited Comprehensive Annual Report located on our website at www.edmondok.com under financial services/audit reports, you will find the audited totals of all equity. Equity is classified as net position and displayed in three components: •
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Net investment in capital assets-Consists of capital assets including restricted capital assets and bony construction proceeds, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. Restricted net position-Consists of net position with constraints placed on the use either by 1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments, or 2) law through constitutional provisions or enabling legislation. Unrestricted net position-All other net position that does not meet the definition of “restricted” or “net investment in capital assets”.
Governmental fund equity is classified as fund balance and is further classified as non-spendable, restricted, committed, assigned and unassigned. These classifications are defined as: Non-spendable-included amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. Restricted-consists of fund balance with constraints placed on the use of resources either by (1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments, or (2) laws through constitutional provisions or enabling legislation. Committed-included amounts that can only be used for specific purposed pursuant to constraints imposed by formal action of the city’s highest level of decision-making authority. The City’s highest level of decision-making authority is made by ordinance. City Council adopts an ordinance that established this constraint. Assigned-included amount that are constrained by the City’s intent to be used for specific purposed but are neither restricted nor committed. Assignments of fund balance may be made by city council action or management decision when the City Council has delegated that authority. Assignments for transfers and interest income for governmental funds are made through budgetary process. Unassigned-represent fund balance that has not been assigned to other funds and has not been restricted, committed, or assigned to specific purposes within the general fund. The general fund is the only fund that reports a positive unassigned fund balance. In an effort to ensure the continuance of sound financial management of public resources, the City of Edmond’s Unassigned Fund Balance within the General Fund will be maintained to provide the City with sufficient working capital and a comfortable margin of safety to address emergencies, sudden loss of revenue or operating needs, and unexpected downturns. The City strives to maintain in the Unassigned fund balance in the General Fund of (10%). Other goals and limits are listed in the notes of our annual comprehensive annual report on our website.
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