HomeMy WebLinkAboutResolutions - 2002.05.30 - 26933MISCELLANEOUS RESOLUTION #0 2135 may 30, 2002
BY: Finance Committee, Sue Ann Douglas, Chairperson
IN RE: DEPARTMENT OF MANAGEMENT AND BUDGET - REVISE FISCAL POLICIES
MANUAL TO INCLUDE CAPITALIZATION REQUIREMENTS FOR INTERNAL SERVICE
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 M.R. #01290 amended the policy for Enterprise
funds to specify the capitalization threshold at $5,000; and
WHEREAS the Fiscal Services Division has examined
proper accounting and financial reporting for the Internal
Service Funds and has recommended the capitalization
threshold be set at $5,000, the same as the General Fixed
Asset Account Group and Enterprise Funds; 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 June 30, 2002, to specify
the capitalization threshold for Internal Service 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 with Obrecht,
Friedman Appel and Melton absent.
411
INTERNAL SERVICE FUNDS
ANALYSIS ON CHANGING FIXED ASSET THRESHOLD TO $5,000
AS OF MARCH 31, 2002
Assets under Accumulated
$5,000 Depreciation
Information Technology
Drain Equipment
Building & Liability Insurance
Office Equipment
Facilities Maint. & Operations
Motor Pool
Micrographics
Telephone Communications
Printing, Mailing & Convenience Copier
„ Current
Fixed Assets
58,716,567.66
, 6,354,43t93
2,129.00
5,125,295..59
5,417,27300
8,079,635:22
452,231,05
3,879,495.02 ,
391,394.74
16,238,967.00
186,510.45
2,129.00
1,490,526.76
224,314.21
39,835.20
51,018.90
8,045.38
22,655.25
14,939,558.00
165,543.25
2,129.00
1,197,405.29
196,536.32
25,085.40
49,699.84
8,045.38
22,655.25
Net Book
Value
1,299,409.00
20,967.20
293,121.47
27,777.89
14,749.80
1,319.06
Total 88,418,453.22 1 18,264,002.15 16,606,657.73 1,657,344.42
G. William Caddell, County Clerk
I HEREB( THE FOREGOING RESOL.
Resolution #02135 May 30, 2002
Moved by Douglas supported by Causey-Mitchell the resolution be adopted.
AYES: Brian, Buckley, Causey-Mitchell, Coleman, Crawford, Dingeldey, Douglas, Galloway,
Garfield, Gregory, Law, McPherson, Melton, Middleton, Moffitt, Moss, Obrecht, Palmer,
Patterson, Sever, Suarez, Taub, Webster, Amos, Appel. (25)
NAYS: None. (0)
A sufficient majority having voted therefore, the resolution was adopted.
L. Brooks Patter ar t.fl4 Exacutive
pat. 1
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 May 30, 2002,
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 30th day of May, 2002.