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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