RESOLUTION NO. __________
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA ADOPTING THE REVISED FISCAL POLICY
WHEREAS, the Governmental Accounting Standards Board (GASB) issued Statement No. 31 in 1997; and
WHEREAS, Statement No. 31 requires governmental entities to report fair market value of all investments in the balance sheet or other statements of financial position; and
WHEREAS, the City of Chula Vista is in compliance with the financial statement requirement; and
WHEREAS, staff is recommending that Fiscal Policy 100-01 be updated to exclude unrealized gains or losses from the operating budget; and
WHEREAS, the City will continue to include these transactions within the financial statements.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista, that it hereby adopts updated Fiscal Policy 100-01.
Presented by Approved as to form by
Sarah Schoen Glen R. Googins
Director of Finance/Treasurer City Attorney