Title
A Resolution Approving a New Lease and Subscription Policy and Rescinding Resolution 22-1135.
Summary
The Governmental Accounting Standards Board issued a new standard (#96) that provides guidance on the accounting and financial reporting for subscription-based IT arrangements (SBITA's). The finance department is requesting to rescind resolution 22-1135 and lease policy it approved, so the newly developed policy can be adopted. Additionally, our auditors recommended an increase to our threshold from $15,000 to $100,000 based on entities our same size. This threshold is defined as total agreement payments over the life of the agreement and the increase is included in this new policy.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
____ Not budgeted requiring increase to account #___________ in the amount of $____________.**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 year Capital Projects Plan:
_____ Yes, described as __________________________, pl...
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