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Commissioner Worley - Finance - To Appropriate $20,093.39 in FY2024 for the Year-End Entries Associated with GASB 96 Subscription Agreements (General Fund - $20,093.39)
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STAFF CONTACT
Brandy Decker - Finance - 704-866-3338
BUDGET IMPACT
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General Fund: Increase expense and revenue by $20,093.39 in FY2024.
No County Funds
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BUDGET ORDINANCE IMPACT
Minimal impact to the ordinance.
BACKGROUND
The Governmental Accounting Standards Board (GASB) implemented a new standard to account for Subscription Agreements (GASB 96) in FY23. This Board Action appropriates necessary year-end adjusting entries associated with the GASB Standards.
GASB 96 information: “It has become common for governments to enter into subscription-based contracts to use vendor-provided information technology (IT). Subscription based information technology arrangements (SBITAs) provide governments with access to vendors’ IT software and associated tangible capital assets for subscription payments without granting governments perpetual license or title to the IT software and associated tangible capital assets. Prior to the issuance of this Statement, there was no accounting or financial reporting guidance specifically for SBITAs.”
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)