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MEMORANDUM <br /> <br />NORTH CAROl. INA <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Frank W. Clifton, Jr. <br /> <br />Blair Bennett ~ <br /> <br />October 23, 2000 <br /> <br />Fixed Asset Limit <br /> <br />We are currently preparing budget instructions for fiscal year 2001-02. As an integral <br />part of these instructions each year, we review and update certain criteria to maintain <br />consistency within other counties of similar size. We currently use $2,500 as our fixed <br />asset limit for purchases from capital equipment accounts. For the budget beginning July <br />2001, it is requested that the limit be raised to $5,000. Through discussions with the <br />Institute of Government and GFOA officials, we have ascertained their concurrence in <br />this matter for a county with our population. Because of new infrastructure requirements <br />by GASB 34 in FY 2002 raising the limit for all counties/cities is important for <br />accounting purposes. <br /> <br />We have an excellent accounting system for tracking fixed assets and providing <br />management information when needed. Please consider this request at your November <br />20, 2000 Board of Commissioners meeting in order that we may implement the <br />departmental instructions for budget preparation. <br /> <br />I appreciate your consideration of this matter and will be available at the meeting should <br />questions arise. <br /> <br /> <br />