South Coast Air Quality Management District

Transfer of Budgeted Funds

SYNOPSIS: 

In February the Board approved an increase in the dollar threshold for a fixed asset from $2,500 to $5,000. As a result of the change, items previously classified as a fixed asset will be purchased and expensed in an appropriate account in the Major Object Services and Supplies. This request is to move already-budgeted funds for the items previously classified as a fixed asset, but whose cost will be less than $5,000, from the Major Object Fixed Assets to the Major Object Services and Supplies.

COMMITTEE: 

Not applicable

RECOMMENDED ACTION:

Approve the transfer of budgeted funds, in the amount of $27,500, from the Major Object Fixed Assets to the Major Object Services and Supplies as a result of the recent increase in the cost threshold for a fixed asset to $5,000.

Barry R. Wallerstein, D.Env.
Executive Officer

Background

In February 2001 the Governing Board raised the cost threshold for a fixed asset to $5,000. As a result of the increase, some funds in the FY 2000-01 Budget are now in an incorrect Major Object, Fixed Assets. Subsequent to the increase in the fixed asset threshold, the purchase of items costing less than $5,000 and previously classified as a fixed asset will be expensed in the Major Object Services and Supplies. Following is a list of the items and the budgeted amounts that should be moved from the Major Object Fixed Assets to the Major Object Services and Supplies. One color printer/plotter budgeted at $5,000 is included since it has been determined that its cost will be less than the $5,000 fixed asset threshold.
 

Fiscal Impacts

All of the items are currently included in the FY 2000-01 Budget and, therefore, there is no fiscal impact.

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