Develop a fleet and equipment funding policy for City Council consideration.Continue to issue Annual Comprehensive Financial Reports (ACFR) in accordance with generally accepted accounting principles that meet the Government Finance Officer's Association's program requirements for excellence in financial reporting. therefore required to account for and present their basic financial statements according to Generally Accepted Accounting Principles (GAAP) standards set by.Develop timely and accurate interim financial information based on the newly adopted program-based budget and ERP software.
#Standard accounts payable policies and general principles update
Revise and update procedures for processing of accounts payable and purchasing. Continue to develop 5 and 10 year pro-forma projections for all funds.Continue to develop strategies that will provide a balanced budget that retains the City's fiscal health, preserves critical services and implements long-term productivity improvements and cost-reduction strategies.This is called the economic entity principle, and it helps prevent inter-organizational mingling of liabilities and assets, which is important during audits. The University policy is to capitalize all equipment, either movable or fixed, with a unit acquisition cost of 5,000 or greater and a useful.
Utility Services-Quarterly Bill Inserts An organization's transactions should remain separate from any transactions of other organizations or business owners. The University is required by federal regulation (OMB Circulars A-110, A-21, and A-133) to ensure that equipment acquired with federal funds is properly accounted for and used for its intended purpose.
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