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4 <br />OBJECTIVE ®F TODAY'S DISCUSSION __ <br />To provide an update on GASB Statement <br />No. 54 and the implications it will present <br />with: <br />• Changes in Financial Reporting <br />• Changes in the Fiscal Year 2011-12 Budget <br />:OVERVIEW OF GASB 54 <br />. , _,__._ ~~~~_.mw~, <br />Scope <br />Changes how fund balance is presented <br />• Clarifies use of governmental fund types <br />^ Used exclusively for governmental funds <br /> <br />• <br />• <br />