Placement: Resolutions
Action Requested: Motion / Vote
title
Resolution 22-R111, Approve a Resolution to Amend, Re-number, and Adopt City Council Directed Policy #22-XXccd - Capital Asset Policy.
body
Submitted By: Stephen Okiye, Finance Director, Finance.
Strategic Plan Link: The City's Mission to be financially responsible.
Executive Summary (General Business): The current Capital Asset Policy adopted in April 2019 requires updating because of two new Statements issued by the Governmental Accounting Standard Board (GASB).
Presentation Information: Stephen Okiye, Finance Director or Charlie Proulx, Finance Operations Administrator will be available for questions if needed.
Staff Recommendation: Move that the Council adopt City Council Directed Policy #22-XXccd - Capital Asset Policy.
Alternate Recommendations:
1. Move that the Council amend the recommendation and adopt City Council Directed Policy #22-XXccd - Capital Asset Policy.
2. Move that the Council provide staff direction.
Background: The Governmental Accounting Standard Board (GASB) has issued two new Statements, Statement No. 87 and Statement No. 96. Statement 87 establishes a single model for lease accounting. Statement 96 sets guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITA). Both Statements provide the criteria for capitalization. The policy is being revised to include these updates.
Issues/Analysis: N/A
Financial Information: N/A
Special Consideration: N/A
Location of Project: N/A
Attachments:
1. Resolution 22-RXX
2. Revised Capital Asset Policy 22-XXccd
NOTE: All of the listed items in the "Attachment" section above are in the custody of the City Clerk. Any item(s) not provided in City Council packets are available upon request from the City Clerk.
Internal Reference Number: Legal Intake #8928.
Legal Sufficiency Review:
Reviewed by Sebastian Poprawski, Deputy City Attorney. Approved as to Legal form and ...
Click here for full text