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 2020-2021 Capital Improvement Projects. $1,000,000.00 will be established for 2020-2021 staff time billings in accordance with the City Auditor’s internal labor capitalization policy.
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 2020-2021 Capital Improvement Projects; and to authorize the expenditure of $1,000,000.00 from the Voted Recreation and Parks Bond Fund. ($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 of Recreation and Parks 2020-2021 Capital Improvement Projects; and
WHEREAS, funding is available for these reimbursements from and within the Voted Recreation and Parks Bond Fund; and
WHEREAS, it is to authorize the expenditure of $1,000,000.00 from the Voted Recreation and Parks Bond Fund; and NOW, THEREFORE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the City Auditor is authorized to establish an...
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