Title
Auditor-Controller recommending the Board approve the attached Budget Transfer which recognizes the long-term debt proceeds along with an equal increase in capital expenditure appropriations to comply with the requirements of GASB 87. (4/5 vote required)
FUNDING: Various, with no net impact to Net County Cost.
Body
DISCUSSION / BACKGROUND
With the implementation of GASB 87 qualifying leases must be recorded as capital expenditures. To do so requires both the recognition of revenue as if the County had entered into a loan agreement to finance these acquisitions and the recognition of a capital expenditure per GAAP.
ALTERNATIVES
N/A
PRIOR BOARD ACTION
N/A
OTHER DEPARTMENT / AGENCY INVOLVEMENT
N/A
CAO RECOMMENDATION / COMMENTS
Approve as recommended.
FINANCIAL IMPACT
There is no impact to Net County Cost.
CLERK OF THE BOARD FOLLOW UP ACTIONS
Please obtain BOS signature on the attached Budget Transfer.
STRATEGIC PLAN COMPONENT
N/A
CONTACT
Joe Harn