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 School Board of Clay County |
C33 - Advertise Revisions to School Board Policy 5.03 C for Property Record Accounting
Prior to School Board policy changes, an advertisement must be issued, and a public hearing conducted regarding the policy changes. This policy change is to align the District’s Threshold for Recording Property value to $1,000 per Florida Administrative Code Rule 69I-73.002 that took effect March 25, 2008.
69I-73.002 Threshold for Recording Property.
All property with a value or cost of $1,000 or more and a projected useful life of 1 year or more shall be recorded in the local government’s financial system as property for inventory purposes.
Specific Authority 274.02 FS. Law Implemented 274.02 FS. History–New 3-25-08.
All tangible personal property with a value or cost of $1,000 or more and having a projected useful life of one year or more shall be recorded in the district's financial system as property for inventory purposes and must be capitalized for financial reporting. The current threshold for the District is $750.00 which is below the State's threshold for Inventory reporting on the District's Financials.
Last revision was January 18, 2007 from $500.00 dollars to $750.00 dollars.
The district’s recording of all tangible personal property will be modified to $1000 in accordance with the Florida Administrative Code 69I-72.001 and Florida Statute Specific Authority 273.02, 273.025 FS. The district's value for inventory will be reported on the district's financial statements in accordance with the Florida Statutes and the Florida Administrative Code.
Ensure fiscal responsibility and equitable distribution of resources.
That the Clay County School Board approve the advertisement of Policy 5.03 C, Property Record Accounting, revised to comply with Florida Administrative Code Rule 69I-73.002.
Dr. Susan Legutko, Assistant Superintendent for Business Affairs Data Source: Robert Johnson, Coordinator of Property Control
None
Financial Accounting Policies & Procedures.pdf