HomeMy WebLinkAboutResolution #3686RESOLUTION NO. 3686
A RESOLUTION IMPLEMENTING THE CHANGES IN ACCOUNTING SET FORTH IN
THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NUMBER 34
AND ESTABLISHING A CAPITALIZATION THRESHOLD FOR ASSETS PURCHASED BY
THE CITY IN ACCORDANCE WITH REQUIREMENTS OF THIS STATEMENT FOR THE
FISCAL YEAR BEGINNING MAY 1, 2004
WHEREAS, the Governmental Accounting Standards Board (GASB) Statement No. 34
requires changes to the accounting procedures used by the City; and,
WHEREAS, GASB Statement No. 34 requires the implementation of this Statement for the
fiscal year beginning May 1, 2004, and the establishment of a capitalization threshold for the purchase
of assets by the City of Canton; and,
WHEREAS, the City has evaluated its accounting procedures and purchasing history and has
consulted with its auditors to determine changes necessary and a threshold amount appropriate to the
City's size and expenditures.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANTON,
Fulton County, Illinois as follows:
1. That the City of Canton take the necessary steps to implement the changes required
by GASB No. 34 for the fiscal year beginning May 1, 2004.
2. That the City of Canton shall record in its accounting records all purchases of assets
whose cost, including associated costs of purchasing the asset, exceeds $5,000.
3. That the City Treasurer be responsible for the maintenance of the records of such
assets on an ongoing basis and shall make them available during regular office
hours to Department Heads, other City officials, the City auditor, and those
designated by the Mayor.
4. This resolution shall be in full force and in effect immediately upon its passage by
the City Council of the City of Canton, Fulton County, Illinois and approval by the
Mayor thereof.
PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this
16th day of ~~ , 2004 upon. a roll call vote as follows:
AYES: Aldermen. Hartford, Nblleck, West, Sarff, Harn, Carl, Fillingklam, Reed.
NAYS: None .
ABSENT: None .
Approved:
Jerry M. Bo er, Mayor
Attest:
ancy 'tes, City Clerk