HomeMy WebLinkAbout2003 05 12 Consent H Various Special Account Project
COMMISSION AGENDA
ITEM H
REGULAR
CONSENT X
INFORMATIONAL
M::JY 12, 2001
Meeting
MGR~PT.~
A llthorization
REQUEST: The Finance Department Requests the City Commission Award a Supplemental
Appropriation in the Amount of$15,000 from the General Fund's Fund Balance for Temporary
Accounting Services in Connection with Various Special Accounting Projects.
PURPOSE: To obtain a supplemental appropriation in the amount of$15,000 from the General
Fund's fund balance to finance special one-time accounting projects utilizing accounting services
from a temporary accounting service company.
CONSIDERATIONS:
The City, in connection with the computer conversion, purchased additional fixed asset
equipment that allows for the bar coding and scanning of all City property. This project has not
yet been implemented and should be completed before fiscal year end in order to properly
perform the City's annual fixed asset physical inventory. Outside assistance is necessary to
handle a portion of the initial set up of the project due to other demands on accounting staffs
time. Approximately 42 work days will be needed for the bar coding portion of the project.
Estimated funding in the amount of $7,500 is needed to accommodate the initial fixed asset bar
coding set-up. A schedule of the entire fixed asset project is attached.
Additional outside accounting services in the approximate amount of $7,500 are needed to
accommodate an internal control review project related to the cash receipting process.
Approximately 40 work days are necessary to complete this review.
FUNDING:
A supplemental appropriation in the amount $15,000 is needed from the General Fund fund
balance to be added to the Finance Department's Outside Services-Temp Services Expenditure
line item 1300-53186 to facilitate special one-time accounting projects.
ATTACHMENTS:
Fixed Asset Project Schedule
RECOMMENDATION:
The Finance Department recommends that the City Commission award a supplemental
appropriation in the amount of$15,000 from the General Fund's fund balance to facilitate the.
completion of special one-time accounting projects with the use of accounting temporary
servIces.
COMMISSION ACTION:
City of Winter Springs
Fixed Assets Project
Steps Involved
Reconcile to CAFR and enter any final adjustments
Estimated Time
3 days
Update all assets for new asset classifications
5 days
Update all assets for new general ledger accounts
Update FA for all purchases in fiscal 03
5 days
4 days
Update FA for all transfer and disposal forms for fiscal 03
3 days
Process depreciation for first six months of the year
3 days
Develop schedules for captial projects 5 days
Tag all assets with bar code, scan and update the FA system /'42~
Reconcile the assets not found in the system ~ . - - ~
Reconcile the assets from the system that were not physically located
Computer Equipment
Furniture
Vehicles
Machinery
Land
Bui/ding
Improvements
Plants and Mains
Infrastructure
Total for Project
10 days
10 days
10 days
5 days
1 day
3 days
3 days
?
?
75 days or
15 weeks
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4/24/2003 11 :23 AM