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What two fund balances are affected by the city council

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Problem - Nassau City holds $100,000 in cash that will be used to make a bond payment when the debt comes due early next year. The head of the city's finance committee initially made the decision to set this money aside for this purpose. Just before the end of the current year, the city council formally approved using the money in this way. The city council is the highest level of decision making authority for this government. What two fund balances (assigned, unassigned, committed, restricted, etc) are affected by the city council action and are these fund balances increasing or decreasing?

Reference no: EM132977113

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