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Budget Amendment - Leases and Subscription-Based IT Arrangements (SBITAs)
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INFORMATION CONTACT:
Beverly L. Liles, Director, Finance, 704-283-3675
ACTION REQUESTED:
Adopt Budget Amendment # 36
PRIOR BOARD ACTIONS:
None.
BACKGROUND:
The General Accounting Standards Board (GASB) recently issued statement GASB 87 and GASB 96, requiring budgets to be established for leases and subscription-based IT agreements (SBITAs). Budget Amendment # 36 establishes the required accounting entry for both the General Fund and the Water and Sewer Fund.
FINANCIAL IMPACT:
Accounting adjustment only for financial reporting.