Notes to the Financial Statements
June 30, 2011
Note 25 New Accounting Pronouncements
In fiscal year 2011, the State implemented the following Statement issued by the Governmental Accounting Standards Board: Statement No. 54, “Fund Balance Reporting and Governmental Fund Type Definitions”. Statement No. 54 requires governments to report fund balance of governmental funds by using the following categories: nonexpendable, restricted, committed, assigned, and unassigned. The Statement also clarifies the definitions of governmental fund types.