HomeMy WebLinkAboutResolutions - No. 2021-248RESOLUTION NO. 2021-248
ADOPT A RESOLUTION OF THE LODI CITY COUNCIL
APPROVING THE CITY OF LODI CAPITAL ASSET POLICY
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WHEREAS, during the previous two fiscal year audits, capital assets were an area of
concern for our auditors relating to the internal controls over financial reporting related to capital
asset accounting; and
WHEREAS, generally accepted accounting principles (GAAP), as per the Governmental
Accounting Standards Board, require entities to track and record the original cost of the capital
assets and to calculate depreciation on certain of those capital assets and expense the costs over
their useful life of the date placed in service; and
WHEREAS, staff had begun working internally on these issues and on February 17, 2021,
Council adopted Resolution No. 2021-36 executing a Professional Services Agreement with
Bell Burnett & Associates for capital asset accounting services, in the amount of $50,000; and
WHEREAS, Bell Burnett & Associates worked with the operating departments to go over
the individual procedures, which was used to establish the new policy and operating procedures
for the departments.
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council does hereby approve
and adopt the Policy as the Capital Asset Policy for the City of Lodi; and
BE IT FURTHER RESOLVED, pursuant to Section 6.3q of the City Council Protocol
Manual (adopted 11/6/19, Resolution No. 2019-223), the City Attorney is hereby authorized to
make minor revisions to the above -referenced document(s) that do not alter the compensation or
term, and to make clerical corrections as necessary.
Dated: September 1, 2021
I hereby certify that Resolution No. 2021-248 was passed and adopted by the City Council of the
City of Lodi in a regular meeting held September 1, 2021 by the following votes:
AYES: COUNCIL MEMBERS — Chandler, Hothi, Khan, Kuehne, and
Mayor Nakanishi
NOES COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS — None
r/JENNIFE CUSMIR
City Clerk
2021-248