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 a budget reservation in the amount of $928,000 for the reimbursement of staff time related to the administration of Recreation and Parks 2017/2018 Capital Improvement Projects. $928,000.00 will be established for 2017/2018 staff time billings in accordance with the City Auditor’s internal labor capitalization policy.
Emergency Justification: Emergency action is requested to ensure that the budget reservation is available for 2017 4th quarter staff time billing.
Fiscal Impact: $928,000.00 is budgeted and available in the Recreation and Parks Voted Bond Fund 7702 for this purpose.
Title
To establish a budget reservation in the amount of $928,000.00; to amend the 2017 Capital Improvements Budget; to authorize the transfer between projects within the Recreation and Parks Voted Bond Fund; to authorize the expenditure of $928,000.00 from the Voted Recreation and Parks Bond Fund for the reimbursement of staff time related to the administration of Recreation and Parks 2017/2018 Capital Improvement Projects; and to declare an emergency. ($928,000.00)
Body
WHEREAS, staff time reimbursements related to the administration of Capital Improvement Projects are necessary; and
WHEREAS, funding is available for these reimbursements from unallocated balances within the Voted Recreation and Parks Bond Fund; and
WHEREAS, to amend the 2017 Capital Improvements Budget; and
WHEREAS, to authorize the transfer between projects within the...
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