TO: Board of Supervisors
FROM: Auditor-Controller Treasurer-Tax Collector
MEETING DATE: May 9, 2023
DEPARTMENT CONTACT:
Megan Hunter
PHONE:
707-234-6872
DEPARTMENT CONTACT:
Chamise Cubbison
PHONE:
707-234-6871
ITEM TYPE: Consent Agenda
TIME ALLOCATED FOR ITEM: N/A
AGENDA TITLE:
title
Adoption of Resolution Establishing Capitalization Thresholds for Governmental Accounting Standards Board Statement No. 87, Leases, Governmental Accounting Standards Board Statement No. 96, Subscription Based Information Technology Arrangements, and Updating the Capitalization Threshold for Capital Projects
End
RECOMMENDED ACTION/MOTION:
recommendation
Adopt Resolution establishing capitalization thresholds for Governmental Accounting Standards Board Statement No. 87, Leases, Governmental Accounting Standards Board Statement No. 96, Subscription Based Information Technology Arrangements, and updating the capitalization threshold for Capital Projects; and authorize Chair to sign same.
End
PREVIOUS BOARD/BOARD COMMITTEE ACTIONS:
None.
SUMMARY OF REQUEST:
California Counties are required to follow uniform accounting and reporting procedures prescribed by the California State Controller, which procedures conform to Generally Accepted Accounting Principles as prescribed by the Governmental Accounting Standards Board (GASB). GASB has issued Statement No. 87, Leases (GASB 87), which provides guidance for lease contracts for nonfinancial assets, including buildings, land, vehicles, and equipment; and Statement No. 96 (GASB 96), which provides guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITAs) for governments. The objective of both statements is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases and by establishing uniform accounting and reporting requirements for SBITA's. GASB 87 establishes a single model for l...
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