ADOPTED - FEBRUARY 14, 2006

Agenda Item No. 11

Introduced by the County Services and Finance Committees of the:

INGHAM COUNTY BOARD OF COMMISSIONERS

RESOLUTION TO INCREASE THE FINANCIAL REPORTING THRESHOLD FOR FIXED ASSETS FROM $1,000 TO $5,000

RESOLUTION #06-032

WHEREAS, Ingham County’s Financial Reporting Capitalization threshold was set at $1,000 several years ago; and

WHEREAS, the capitalization of numerous small items overburdens the capital asset management system; and

WHEREAS, the Government Finance Officers Association has recommended a minimum capitalization threshold of $5,000.

THEREFORE BE IT RESOLVED, that the Ingham County Board of Commissioners authorizes an increase in the capitalization threshold from $1,000 to $5,000 for financial reporting purposes.

BE IT FURTHER RESOLVED, that this change in accounting principle be implemented to begin with the 2005 financial report. 

COUNTY SERVICES:   Yeas:  Schor, De Leon, Holman, Copedge, Severino

Nays:  None           Absent:   Vickers    Approved 2/7/06

FINANCE:  Yeas:  Thomas, Hertel, Grebner, Dedden, Dougan

Nays:  None              Absent:  Weatherwax-Grant     Approved 2/8/06