HomeMy WebLinkAbout(0022) Informal Report - GASB 84 Fiduciary Activities 6.24.21 (2).PDFINFORMAL REPORT TO CITY COUNCIL MEMBERS
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o-RTF+x To the Mayor and Members of the City Council
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eSUBJECT: Implementation of Governmental Accounting Standards Board
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fQ,0L (GASB) Statement No. 84, "Fiduciary Activities"
Background
In January 2017, the GASB issued Statement No. 84 (Statement) which provides criteria for state
and local governments to use to identify whether an activity is fiduciary and should be reported in
the basic financial statements. This Statement enhances the value of the information within the
financial statements for measuring government accountability and stewardship, and provides the
criteria for three types of activities: 1) fiduciary component units, 2) pension and OPEB
arrangements that are not component units, and 3) other fiduciary activities.
This Statement is effective for the City's financial periods beginning October 1, 2020 (fiscal year
2021).
Overall Effect on the Financial Reporting
The Financial Management Services Department (FMS) has reviewed and assessed current
activities to determine if they meet the requirements for reporting as fiduciary activities. FMS will
continue to review and evaluate future activities to ensure proper accounting treatment and
financial reporting.
Impact on City
Effective October 1, 2020, the Rock Creek Public Improvement District (PID) Debt Service Fund's
assets, liabilities, and fund balance will be moved to a custodial fund. The beginning fund
balances of the City's Debt Service Fund will be restated.
If you have any questions, please call Reginald Zeno, Chief Financial Officer, at 817-392-8517.
ISSUED BY FINANCIAL MANAGEMENT SERVICES
FORT WORTH, TEXAS