DATE: May 21, 2024
TO: Board of Supervisors
SUBMITTED BY: Steven E. White, Director
Department of Public Works and Planning
SUBJECT: Budget Transfer Fixed Asset
RECOMMENDED ACTION(S):
TITLE
Approve and authorize the Clerk of the Board to execute Budget Transfer No. 13 transferring FY 2023-24 appropriations from Org 45104512 ($24,000), from Account 7295 (Professional & Spec. Services) to Org 45104512 Account 8300, Program 91942 and 91943 (Equipment), in the amount of $24,000 to appropriately categorize the equipment as capital assets.
REPORT
Approval of the recommended action will transfer existing FY 2023-24 appropriations from Org 45104512 Account 7295 (Professional & Spec. Services) to Org 45104512 Account 8300 (Equipment), Program 91942 and 91943 to provide sufficient funding in the appropriate capital asset account for already purchased two CF Forced Air Ovens for the Construction Division’s Materials Lab.
ALTERNATIVE ACTION(S):
There is no viable alternative actions due to the equipment already being purchased.
FISCAL IMPACT:
There is no Net County Cost associated with the recommended action. Approval of the recommended action will transfer $24,000 in budgeted appropriations from Org 45104512 Account 7295 (Professional & Spec. Services) to Org 45104512 Account 8300, Program 91942 and 91943 (Equipment). This budget transfer is to adjust the appropriations for FY 2023-24 to accurately portray the purchase of equipment. Per Management Directive 410, all Equipment that exceed the $5,000 threshold must be capitalized.
DISCUSSION:
The Public Works and Planning Construction Division budgeted for two CF Forced Air Ovens in FY 2022-23 at an original price of $20,000, however when coding the invoice for the ovens, the FY 2022-23 had ended, and the program number was not valid for the FY 2023-24. Therefore, it was necessary to add appropriations for the ovens in FY 2023-24 in order to not delay payment to the vendor.
With your Board’s approval, the recommended action will transfer existing FY 2023-24 appropriations ($24,000) from Org 45104512 Account 7295 (Professional & Spec. Services) to Org 45104512 Account 8300, Program 91942 and 91943 (Equipment) to provide sufficient funding in the appropriate capital asset account for the already purchased two CF Forced Air Ovens.
ATTACHMENTS INCLUDED AND/OR ON FILE:
On file with Clerk - Budget Transfer No. 13
CAO ANALYST:
Salvador Espino