HomeMy WebLinkAboutItem #06 Approval of the Creation of Capital Projects Fund(s) 40.4r
OC-OPC
florida
AGENDA ITEM COVER SHEET
Meeting Date: October 2, 2018
Item # 6
Reviewed By:
Contact Name: Rebecca Roberts Department Director: • .,. , , .
Contact Number: 1520 City Manager:
Subject: Creation of Capital Projects Fund(s)
Background Summary:
The City of Ocoee annually appropriates funding for various short term and long term capital projects. When a
particular project cannot be completed within the current budget year that appropriation is currently "rolled forward"
into a separate operating fund, which restricts the use of that funding to the specific purpose approved by the
Commission. There are currently multiple"roll forward"funds in use.
This method of accounting does not provide full transparency regarding the sources and uses of the designated
appropriations and is cumbersome to manage especially when projects are funded from multiple funding sources.
The Government Accounting Standards Board provides for the creation of a Capital Projects Fund specifically for this
purpose. Per GASB 54, capital projects funds are used to account for and report financial resources that are
restricted, committed or assigned to expenditure for capital outlays, including the acquisition or construction of capital
facilities and other capital assets. Capital Project Funds are a useful management tool for multi-year projects.
The Finance Department is requesting authorization from the Commission to create one or more Capital Projects
Funds in conformance with GASB guidance. The fund(s)will be subject to audit scrutiny as are all City funds.
If authorized, all currently appropriated capital funding will be transferred into the appropriate Capital Projects Fund(s).
Issue:
Should the City Commission authorize the creation of one or more Capital Projects Funds to account for and report
financial resources that are restricted, committed or assigned to expenditure for capital outlays, including the
acquisition or construction of capital facilities and other capital assets and the transfer of appropriations into the
appropriate fund?
Recommendations:
Staff recommends the City Commission authorize the creation of one or more Capital Projects Funds to account for
and report financial resources that are restricted, committed or assigned to expenditure for capital outlays, including
the acquisition or construction of capital facilities and other capital assets and the transfer of appropriations into the
appropriate fund .
Attachments:
None
Financial Impact:
None
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Type of Item: (please mark with an `x')
Public Hearing For Clerk's Dept Use:
Ordinance First Reading X Consent Agenda
Ordinance Second Reading Public Hearing
Resolution Regular Agenda
X Commission Approval
Discussion & Direction
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney N/A
Reviewed by Finance Dept. N/A
Reviewed by ( ) N/A
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