GASB 54 Statement

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Statement 54 was approved by GASB in February 2009 and was released on March 11th, 2009. The intent of the statement is to enhance governmental fund balance reporting in order for financial statements to be more consistent and comparable between similar government entities. The Debt Service Fund will be used to account for and report financial resources that are restricted, committed or assigned to expenditure for principal and interest.  The Debt Service Fund should never be used to directly purchase capital expenditures.