title
Commissioner Worley - Finance - To Accept the Budget Change Requests Made for GASB 84 as Information
body
STAFF CONTACT
Tiffany Murray - Finance - 704-866-3032
BUDGET IMPACT
budget
Establishment of revenue and expense budgets in FY 2021 for funds 021, 029 and 075. No County funds necessary.
body
BUDGET ORDINANCE IMPACT
Three new funds were established to comply with GASB 84 which required an implementation beginning with fiscal year end June 30, 2021.
BACKGROUND
Resolution 2021-087 dated 3/23/2021 gave the Finance Director the authority to make the necessary entries to implement GASB 84 in FY 2021 with a report back to the Board. As part of the implementation three Special Revenue funds were required to be established in order to be in compliance with the new standard. The three new funds are: Fines and Forfeitures, Representative Payee and Deeds of Trust. The attached Budget Change Request shows the budget amendments made to establish the funds. Additional journal entries will be made to move the FY 2021 activity to the new funds.
GASB 84 also required the establishment of two Custodial Funds for the Jail Inmate funds and Municipal Tax Collections. Journal entries will be made to move the FY 2021 activity to the new funds. There was no budgetary impact with these funds.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)