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.

Changing the threehold from $750.00 to $1,000.00 will bring us to the State Standard 691-73.002 incorporated in March 25, 2008 by the Department of Financial Services.  When transitiioning to the new ERP/Sungard system this will reduce the DATA input and clean up older inventory tracking.

Last revision was January 18, 2007 from $500.00 to $750.00 dollars.

Approval will bring us within the guidelines of the State Standard provided by the Department of Financial Service 691-73.002.  The change will reduce workload on property designee during inventory process.

The district ensures 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 Adminstrative Code Rule 691-73.002.