DATE: May 09, 2023
TO: Board of Supervisors
SUBMITTED BY: Raman Bath, County Librarian
SUBJECT: Budget Transfer Fixed Asset
RECOMMENDED ACTION(S):
TITLE
Approve and authorize the Clerk of the Board to execute Budget Transfer No. 69 transferring FY 2022-23 appropriations from Org 75110600 ($5,200), from Account 7385 (Small Tools & Instruments) to Org 75110800 Account 8300 (Equipment), in the amount of $5,200 to appropriately categorize the equipment as capital assets.
REPORT
There is no Net County Cost associated with the recommended action. Approval of the recommended action will transfer existing FY 2022-23 appropriations from Org 75110600 account 7385 (Small Tools & Instruments) to Org 75110800 Account 8300 (Equipment) to provide sufficient funding in the appropriate capital asset account for the purchase of a walk-behind aerator. This item is countywide.
ALTERNATIVE ACTION(S):
Should your Board not approve the recommended action, the Library will be unable to purchase the equipment.
FISCAL IMPACT:
There is no Net County Cost associated with the recommended action. Approval of the recommended action will transfer $5,200 in budgeted appropriations from Org 75110600 Account 7385 (Small Tools & Instruments) to Org 75110800 Account 8300 (Equipment). Per Management Directive 410, all Equipment that exceed the $5,000 threshold must be capitalized.
DISCUSSION:
The Library budgeted for a walk-behind aerator in FY 2022-23 at an original price less than the $5,000 threshold to require classification of the equipment as a capital asset. The walk-behind aerator has increased in cost above the capital asset expenditure threshold due to inflation prices nationwide.
With your Board's approval, the recommended action will transfer existing FY 2022-23 appropriations ($5,200) from Org 75110600 Account 7385 (Small Tools & Instruments) to Org 75110800 Account 8300 (Equipment) to provide sufficient funding in the appropriate capital asset account for the purchase of a...
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