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Home My WebLink AboutFinance Budget Amendment Audit Reporting 6/16/2023 3:50 PM City of Meridian FY2023 Budget Amendment Form Personnel Costs Full Time Equivalent(FTE): Fund# Dept.# G/L# Proj.# G/L#Description Total E 01 1500 41200 1 0 Wages 01 1500 41206 0 PT/Seasonal Wages 01 1500 41210 0 Overtime Please only complete the fields highlighted 01 1500 41304 0 Uniform Allowance in Orange. 01 1500 42021 0 FICA $ Amendment Details 01 1 1500 42022 0 PERSI I $ Title: GASB 96 Audit Reporting 01 1 1500 1 42023 0 Worker's Comp $ Department Name: Finance 01 1 1500 1 42025 0 JEmployee Insurance 1 $ Presenting Department Name: Finance Total Personnel Costs $ Department#: 1500 Operating Expenditures Primary Funding Source: 1 Fund# Dept.# G/L# Proj.# G/L#Description One-Time On-Going Total CIP#: 01 1500 55101 0 Audit Reporting $ 25,000 $ 7,000 $ 32,000 Project#: 01 1500 0 $ - 01 1500 0 $ Is this for an Emergency? ❑ Yes ❑� No 01 1500 0 $ New Level of Service? ❑ Yes ❑ No 01 1500 0 $ 01 1500 0 $ Clerks Office Stamp 01 1500 0 $ 01 1500 0 $ 01 1500 0 $ 01 1500 0 $ 01 1500 0 $ 01 1500 0 $ 01 1500 0 $ Date of Council Approval 6-27-2024 Total Operating Expenditures $ 25,000 $ 7,000 $ 32,000 Capital Outlay Fund# Dept.# G/L# Proj.# G/L#Description Total Acknowledgement APPROVED 01 1500 0 By Todd Lavoie at 9:25 am,Jun 17,2023 01 1500 0 01 1500 0 Department Director REVIEWED 01 1500 0 01 1500 0 By Todd Lavoie at 9:25 am,Jun 17,2023 jfields 6.16.23 01 1500 0 Chief Financial Officer Total Capital Outlay $ Revenue/Donations Approved Brad Hoaglun via email 6.20.23 Fund# Dept.# G/L# Proj.# G/L#Description Total CounL�il Liaison 01 1500 1 1 0 1 ` 6-20-23 01 1500 0 -- 01 1500 0 Mayor Total Revenue/Donations $ Total Amendment Request $ 32,000 Total Amendment Cost-Lifetime City of Meridian FY2023 Budget Amendment Form F:\Budget\FY2023\FY2023 Amendments\1.Pending Amendments\FY2023 Budget Amendment Form_Finance_GASB 96 6/16/2023 3:50PM City of Meridian FY2023 Budget Amendment Form Prior Year(s) Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Department Name: Finance Funding 2023 2024 2025 2026 2027 Title: GASB 96 Audit Reporting Personnel $ - $ - $ - $ - $ - ion—tit—fi-s.bmmogEtdy..tA—ao.r±nt- Operating $ 32,000 $ 7,000 $ 7,000 $ 7,000 $ 7,000 ➢ Department will send Amendment with Directors signature to Finance(Budget Manager)for enew Capital $ - ➢ Fi nance will send Amendment to Council Lia ison for signature Total $ - $ 32,000 $ 7,000 $ 7,000 $ 7,000 $ 7,000 ➢Council Liaisonwill send signed Amer dire nttoMayor Total Estimated Project Cost: $ 60,000 ➢ Mayor will send signed Amend ment to Fi nance(Budget Ma pager) Evaluation Questions ➢ Finance(Budget Manager)will send approved copy of Amendment to Department Please answer all Evaluation Questions using the financial data referenced above. ➢ Depa rtment will add copy of Amendment to Cc uncil Agenda using Mu nlcode Agenda Manager 1. Describe what is being requested? Finance is requesting spending authority for$25,000 to meet the newly applied Governmental Accounting Standards Board 96(GASB 96)for Subscription-Based IT Arrangements. This spending request will provide the City funding to hire our financial auditor to implement the necessary controls and software to manage GASB 96 for the City.Every organization uses some sort of IT subscription service(e.g.,ERP System,Office 365,Zoom,DocuSign).These subscription payments are typically expensed with little visibility into the obligations or liabilities governments have.GASB 96 helps to increase transparency in the accounting and disclosure for these contracts. 2. Why was this budget request not submitted during the current fiscal year budget cycle? GASB 96 guidelines were unkonwn at the time of budget development.Our financial auditor has deteremined what is necessary for the City to be compliant going forward. 3. What is the explanation for not submitting this budget request during the next fiscal year budget cycle? Funding is necessary to start the project now so that the City can be compliant for the audit that begins October 2023. 4.Describe the proposed method of funding? If funding is split between Funds(i.e. General,Enterprise,Grant),please include the percentage split. List the amounts and sources of anticipated additional revenue that will result from approval of this request. General Fund Fund Balance 5.Does this request align with the Department/City's strategic plan? If not,please explain how this request was not included in the Department/City strategic plan? Yes. 6. Does this request require resources to be provided by other departments? If yes,please describe the necessary resources to be provided by other departments. Yes.IT department will be impacted.GASB 96 requires the City report every technology software that the City uses and report the long-term value of committment and term for transparency. 7.Does this Amendment include any needed Equipment or Software that will utilize the Cit 's network?(Yes or No) Ye 8.Is the amendment going to result in the disposal of an asset?(Yes or No) 9.Any additional comments? Total Amendment Request $ 32,000 Every effort should be made to avoid reopening the budget for an amendment. Departments will need to provide back up and appear before the City Council to justify budget amendments. Budget amendments are intended for emergency or mandatory changes to the original balanced budget. Changes to the original balanced budget may cause a funding shortfall. A City of Meridian FY2023 Budget Amendment Form F:\Budget\FY2023\FY2023 Amendments\1.Pending Amendments\FY2023 Budget Amendment Form—Finance—GASB 96