Title
Resolution to Approve a New GASB 87 Lease for Envelope Folding/Stuff Machine at City Hall
Summary
The lease for the folding & stuff machine at City Hall has expired and the machine needs to be replaced. The replacement lease will fall under the new GASB 87 guidelines and policy recently adopted by council. Finance and It are requesting to increase the lease-right to use asset account and the lease proceeds account for zero effect to the bottom line. The monthly payments were budgeted in an operating account and we are requesting those be transferred to the lease financing principal and interest accounts.
Budgetary Impact:
Non-Capital Item:
_X__ Budgeted under account #_100-1040-6030 GE Maintenance, and requesting to transfer to 100-1040-7000 Lease financing principal & 100-1040-7010 Interest expense lease
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
_X _ Not budgeted requiring increase to account #_100-1012-4910 Lease financing proceeds & 100-1040-5102 Lease-right to use asset___ in the amount of $_34,783_.**Request to Increase Departmental Budget Dollars form must be attached**
Capital - Departmental **Capital Purchase Worksheet form must be attached**
____ Budgeted under account #______________ for $_________ and described in budget as ________________________. Additional amount needed, if any: Increase in budget of $_________ OR, transfer of $________ from Account #____________ to Account #_____________**Request to Increase OR Request toTransfer Departmental Budget Dollars form must be attached**
____ Not Budgeted - account #____________ requires budget increase of $_____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital Project - **If requesting to start a project, a Capital Project Worksheet form must be attached**
In current...
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