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LOS ANGELES COUNTY CHILDREN AND FAMILIES FIRST – PROPOSITION 10 COMMISSION (a Component Unit ... - page 27 / 47

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LOS ANGELES COUNTY CHILDREN AND FAMILIES FIRST – PROPOSITION 10 COMMISSION NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2009

NOTE 5 – FUND BALANCE

Fund balance represents the value of funds available to the Commission. Fund balance is composed of two categories, reserved and unreserved. Reserved fund balance consists of the following:

Reserved for encumbrances – an encumbrance is a legal obligation of the Commission based on an executed contract.

Reserved for obligations – the Commission has explicitly authorized and directed staff to enter into an agreement with a specific agency, however the contract has not yet been executed.

Reserved for First 5 California initiatives – the total future amount that the County Commission must reserve in order to meet its matching funds.

Unreserved fund balance consists of the following:

Designated for operating sustainability – represents funds designated by the Board to be set-aside for long-term operating sustainability.

Designated for local initiatives – represents funds designated to operate a specific program or project in the current or future fiscal years that have not yet been encumbered or authorized for definite contracts.

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