HomeMy WebLinkAbout140-99 RESOLUTIONRESOLUTION NO 140-99
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A RESOLUTION APPROVING A POLICY CI:.'_NGE TO
INCREASE THE THRESHOLD FOR FDHD ASSETS FROM $500
TO $5,000; AND APPROVING A BUDGET ADJUSTMENT TO
RECOGNIZE THE BUDGET IMPACT FOR 1999.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
Section 1. That the City Council hereby approves a policy change to increase the
threshold for fixed assets from S500 TO $5,000. A copy of the policy is attached hereto marked
Exhibit "A" and made a part hereof.
Section 2. The City Council hereby approves a budget adjustment in the amount of
$546,940 by increasing expense, Gain/Loss Sale of Assets, Acct. No. 5400 0940 6881 02, in the
amount of $245,375; Acct. No. 5500 0950 6881 02 in the amount of $184,934; Acct. No. 5550 0955
6881 02 in the amount of $25,887; Acct. No. 9700 0970 6881 02 in the amount of $90,744,
decreasing expense, Depreciation Expense, Acct. No. 5400 1820 5950 00 in the amount of $10,284;
Acct. No. 5400 3800 5950 00 in the amount of $26; Acct. No. 5400 4000 5950 00 in the amount of
$3,012; Acct. No. 5400 4010 5950 00 in the amount of $256; Acct No. 5400 4310 5950 00 in the
amount of $19,932; Acct. No. 5400 4370 5800 00 in the amount of $84; Acct. No. 5400 4410 5950
00 in the amount of $2,770; Acct. No. 5400 5100 5950 00 in the amount of $21,814; Acct. No. 5400
5610 5800 00 in the amount of $96; Use of Fund Balance, Acct. No. 5400 0940 4999 99 in the
amount of $187,101; Depreciation Expense, Acct. No. 5500 5000 5950 00 in the amount of $1,890;
Acct. No. 5500 5010 5950 00 in the amount of $45,092; Acct. No. 5500 5020 5950 00 in the amount
of $1,426; Acct. No. 5500 5060 5950 00 in the amount of $6,202; Use of Fund Balance, Acct. No.
5500 0950 4999 99 in the amount of $130,324; Depreciation Expense, Acct. No. 5550 3940 5950
00 in the amount of $7,072; Acct. No. 5550 3960 5950 00 in the amount of $358; Use of Fund
Balance, Acct. No. 5550 0955 4999 99 in the amount of $18 457; Depreciation Expense, Acct. No.
9700 1910 5950 00 in the amount of S23,020; Use of Fund Balance, Acct. No. 9700 0970 4999 99
in the amount of $67,724. A copy of the budget adjustment is attached hereto marked Exhibit "B"
and made a part hereof.
PASSED AND APPROVED this day of November , 1999.
APPROV
By./111
0
red Hanna, Mayor
City of Fayetteville, Arkansas
Budget Adjustment Form
BIT 43
Budget Year
1999
Department: Various
Division: Various
Program: Various
Date Requested
11/02/99
Adjustment #
Project or Item Requested:
To write off al fixed assets under the amount of $5,000
in Water & Sewer, Solid Waste, Airport, and Shop funds.
Project or Item Deleted:
None
Justification of this Increase:
Adjustment of the threshold for fixed assets from $500 to $5,000.
Justification of this Decrease:
A 1999 accounting change in recording fixed assets.
Increase Expense (Decrease Revenue)
Account Name Amount Account Number Project Number
See Backup
Decrease Expense (Increase Revenue)
Account Name Amount Account Number Project Number
See Backup
Approval Signatures
Req ,fed By Date
Bu • get Coordinator Date
artment rps ct
•
rvices Director
Date
190Creg
Date
PA��99
May Date
filename
Budget Office Use Only
Type: A B C V
Date of Approval
Posted to General Ledger
Posted to Project Accounting
Entered in Category Log
Blue Copy: Budget & Research / Yellow Copy: Requester
Backup for Budget A•stment for Fixed Assets Writen Off •
Account Name
Increase Expense (Decrease Revenue)
Account Number Amount
Gain/Loss Sale of Assets 5400 0940 6881 02 245,375
Gain/Loss Sale of Assets 5500 0950 6881 02 184,934
Gain/Loss Sale of Assets 5550 0955 6881 02 25,887
Gain/Loss Sale of Assets 9700 0970 6881 02 90,744
Account Name
Decrease Expense (Increase Revenue)
Account Number Amount
5400 1820 5950 00 10,284
5400 3800 5950 00 26
5400 4000 5950 00 3,012
5400 4010 5950 00 256
5400 4310 5950 00 19,932
5400 4370 5800 00 84
5400 4410 5950 00 2,770
5400 5100 5950 00 21,814
5400 5610 5800 00 96
5400 0940 4999 99 187,101
5500 5000 5950 00 1,890
5500 5010 5950 00 45,092
5500 5020 5950 00 1,426
5500 5060 5950 00 6,202
5500 0950 4999 99 130,324
5550 3940 5950 00 7,072
5550 3960 5950 00 358
5550 0955 4999 99 18,457
9700 1910 5950 00 23,020
9700 0970 4999 99 67,724
Depreciation Expense
Depreciation Expense
Depreciation Expense
Depreciation Expense
Depreciation Expense
Depreciation Expense
Depreciation Expense
Depreciation Expense
Depreciation Expense
Use of Fund Balance
Depreciation Expense
Depreciation Expense
Depreciation Expense
Depreciation Expense
Use of Fund Balance
Depreciation Expense
Depreciation Expense
Use of Fund Balance
Depreciation Expense
Use of Fund Balance
filename
STAFF REVIEW FORM
x AGENDA REQUEST
CONTRACT REVIEW
GRANT REVIEW
For the Fayetteville City Council meeting of November 2, 1999
FROM:
Kevin Crosson
Name
Admin. Services Dept.
Division Department
ACTION REQUIRED: The City made a policy change to increase the threshold for fixed assets from $500 to $5,000.
Items purchased under the $5,000 amount are now considered minor equipment. Approval of a budget adjustment
is required to recognize the budget impact for 1999.
COST TO CITY:
$546,940.00
Cost of this Request
5400-0940
5500-0940-
5550-0955-
9700-0970-
-6881-02
6881-02
3881-02
6881-02
Account Number
Project Number
$527,220.00 Gain/Loss-Sale of Assets
Category/Project Budget Category/Project Name
$508,522.00
Funds Used To Date Program Name
$18,698.00 Various
Remaining Balance
Fund
Budgeted Ite�ps-�rFa7c Budget Adjustment Attached
/9 A ni
ls�\rf1aJt/ivveSServices Director
CONTRACT/GRANT/LEASE REVIEW:
Purchasing Officer
Dat
GRANTI^ CY:
9�f CC�a(./ /-f3-fl
Z ternal Auditor Date
Date ADA Coordinator Date
O-I�}-�`1
Date
STAFF RECOMMENDATION:
Division Head
D
artmen
n
ir-ctor
rative
Mayo
LSI.
ervices
Director
Date
Date
Cross Reference
New Item. Ye8 No
Prev Ord/Res #:
Orig Contract Date:
FAYETTPVILLE
THE CITY OF FAYE TEVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
•
•
To: Fred Hanna, Mayor
Thru: Kevin Crosson, Administrative Services Director
From: Budget & Researc
Date: October 13, 1999
Subject: Budget Adjustment for Fixed Assets
The City made a policy change to increase the threshold for fixed assets from $500 to $5,000. Items
purchased which cost less than $5,000 are now considered minor equipment
Approval of a budget adjustment is required to recognize the budget impact for 1999. The
adjustment does not involve any cash expenditures. The effect of the change will be recorded in
the Gain/Loss Sale of Assets accounts in the City's proprietary funds (Water & Sewer Fund, Solid
Waste Fund, Airport Fund, and Shop Fund) for a total $546,940. The items were purchased before
the beginning of this budget year. This increase to Gain/Loss Sale of Assets will be offset by a
reduction in budgeted depreciation expense and use of fund balance.