1-15-1: BACKGROUND AND PURPOSE:
   A.   Background: In February 2009, the Governmental Accounting Standards Board (GASB) issued GASB #54 Fund Balance Reporting and Governmental Fund Type Definitions. The statement substantially changes how fund balances are categorized. It clarifies/modifies how some of the governmental funds are presented and classified.
   B.   Purpose: To provide a stable financial environment for the Village of Wadsworth (hereinafter, referred to as "Village") operations that allows the Village to provide quality services to its residents in a fiscally responsible manner designed to keep services and taxes as consistent as possible over time. This Fund Balance Policy is meant to serve as the framework upon which consistent operations may be built and sustained. (Ord. 2020-1088, 7-7-2020)