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File #: 2535-2018    Version: 1
Type: Ordinance Status: Passed
File created: 9/6/2018 In control: Recreation & Parks Committee
On agenda: 11/19/2018 Final action: 11/21/2018
Title: To establish a budget reservation in the amount of $1,112,200.00; to authorize the transfer of $116,291.25 within the Recreation and Parks Voted Bond Fund; to amend the 2018 Capital Improvements Budget; to authorize the expenditure of $1,112,200.00 from the Voted Recreation and Parks Bond Fund for the reimbursement of staff time related to the administration of Recreation and Parks 2018-2019 Capital Improvement Projects; and to declare an emergency. ($1,112,200.00)
Attachments: 1. CIP Staff Billing 2018-2019
Explanation

Generally Accepted Accounting Principles (GAAP) requires 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 $1,112,200.00 for the reimbursement of staff time related to the administration of Recreation and Parks 2018-2019 Capital Improvement Projects. $1,112,200.00 will be established for 2018-2019 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 the remainder of 2018 staff time billing.
Fiscal Impact: $1,112,200.00 is budgeted and available in the Recreation and Parks Voted Bond Fund 7702 and 7712 for this purpose.

Title

To establish a budget reservation in the amount of $1,112,200.00; to authorize the transfer of $116,291.25 within the Recreation and Parks Voted Bond Fund; to amend the 2018 Capital Improvements Budget; to authorize the expenditure of $1,112,200.00 from the Voted Recreation and Parks Bond Fund for the reimbursement of staff time related to the administration of Recreation and Parks 2018-2019 Capital Improvement Projects; and to declare an emergency. ($1,112,200.00)

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, it is necessary to authorize that the 2018 Capital Improvements Budget Ordinanc...

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