Explanation
Generally Accepted Accounting Principles (GAAP) require the capitalization of costs associated with the acquisition or construction of property. The cost of a capital asset should include all charges necessary to place the asset into its intended location and conditional use, which includes internal labor. City of Columbus direct labor costs for employees who are working in the capacity of project manager or construction are eligible to be capitalized to an identified capital project.
This ordinance authorizes the establishment of an auditor’s certificate in the amount of $1,000,000.00 for the reimbursement of staff time related to the administration of Recreation and Parks 2023-2024 Capital Improvement Projects. $1,000,000.00 will be established for 2023-2024 staff time reimbursements in accordance with the City Auditor’s internal labor capitalization policy. Reimbursements will be done via expenditure correction.
Emergency Justification: Emergency action is requested to ensure that the auditor’s certificate is available before year end for the remainder of 2024 staff time expenditure corrections.
Fiscal Impact: $1,000,000.00 is budgeted and available from within the Recreation and Parks Voted Bond Fund 7702 for this purpose.
Title
To authorize and direct the City Auditor to establish an auditor’s certificate in the amount of $1,000,000.00 for the reimbursement of staff time related to the administration of Recreation and Parks 2023-2024 Capital Improvement Projects; to authorize the transfer of $50,000.00 within the Recreation and Parks Voted Bond Fund; to authorize the amendment of the 2024 Capital Improvements Budget; to authorize the expenditure of $1,000,000.00 from the Recreation and Parks Voted Bond Fund; and to declare an emergency. ($1,000,000.00)
Body
WHEREAS, it is necessary that the City Auditor to establish an auditor’s certificate in the amount of $1,000,000.00 for the reimbursement of staff time related to the administration...
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