HomeMy WebLinkAboutResolutions - 2001.11.08 - 26580MISCELLANEOUS RESOLUTION #01290 November 8, 2001
BY: FINANCE COMMITTEE, SUE ANN DOUGLAS, CHAIRPERSON
IN RE: DEPARTMENT OF MANAGEMENT AND BUDGET - REVISE FISCAL POLICIES MANUAL TO
INCLUDE CAPITALIZATION REQUIREMENTS FOR ENTERPRISE FUNDS
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS by Miscellaneous Resolution #90095 dated April 5, 1990, the
Oakland County Board of Commissioners adopted the Fiscal Policy Manual
recommended by the County Executive and authorized the Department of Management
and Budget and the County Treasurer, respectively, to be responsible for
implementation of the policies enumerated therein; and
WHEREAS pursuant to M.R. #98084, the Fiscal Policy Manual was revised to
include a capitalization threshold for General Fixed Assets of $5,000 in order
to be consistent with contemporary governmental accounting and financial
reporting standards; and
WHEREAS M.R. #98084 was silent regarding a capitalization threshold for
Proprietary Funds (Enterprise and Internal Services); and
WHEREAS proper accounting and financial reporting for the Enterprise Funds
also requires the setting of a capitalization threshold at $5,000, the same as
the General Fixed Asset Account Group; and
WHEREAS the Fiscal Services Division is examining the Internal Service
Funds in order to provide a proper recommendation regarding a capitalization
threshold; and
WHEREAS so as not to jeopardize accountability of non-capitalized assets
for insurance purposes, the Risk Management Office will maintain a video
inventory of physical assets to substantiate future claims if necessary.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners amends Section III (Accounting and Budgeting Policies) Subsection
B2 (Fixed Assets) of the Fiscal Policy Manual, effective with Fiscal Year 2001,
to specify the capitalization threshold for Enterprise Funds at $5,000.
Chairperson, on behalf of the Finance Committee, I move adoption of the
foregoing resolution.
FINANCE COMMITTEE
FINANCE COMMITTEE
Motion carried unanimously on a roll call vote.
illiam Caddell, County Clerk
Miscellaneous Resolution #01290 November 8, 2001
Moved by Coleman supported by Buckley the resolutions on the Consent
Agenda be adopted (with accompanying reports being accepted).
AYES: Brian, Buckley, Causey-Mitchell, Coleman, Crawford, Dingeldey,
Douglas, Galloway, Garfield, Gregory, Law, McPherson, Melton, Moffitt, Moss,
Obrecht, Palmer, Patterson, Sever, Suarez, Taub, Webster, Amos, Appel. (24)
NAYS: None. (0)
A sufficient majority having voted therefore, the resolutions on the
Consent Agenda were adopted (with accompanying reports being accepted).
"1"'IPBY vo
•E FOREGOING Er7P" '
Date vuXe Patte6on, County Executive
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, G. William Caddell, Clerk of the County of Oakland, do hereby certify that the
foregoing resolution is a true and accurate copy of a resolution adopted by the
Oakland County Board of Commissioners on November 8, 2001 with the original
record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the
County of Oakland at Pontiac, Michigan this 8th day gf November, 2001.