title
RESOLUTION TO APPROVE CHANGES TO
ACCOUNTING ASSET CAPITALIZATION PROCEDURES
resolution
WHEREAS, the DuPage County Board resolves to revise internal accounting procedures by (i) increasing its asset capitalization threshold to $30,000 and (ii) capitalizing group assets in accordance with Governmental Accounting Standards Board (GASB), Government Accounting Standards Series Implementation, Guide No. 2021-1, Implementation Guidance Update-2021; and
WHEREAS, this change shall improve efficiency by eliminating unnecessary work on immaterial items; and
WHEREAS, this change shall be enacted for all offices and departments under DuPage County Board jurisdiction, including the Department of Public Works, but shall exempt the DuPage County Care Center pursuant to federal Medicaid capitalization rules; and
WHEREAS, this change shall be effective retroactive to December 1, 2023; and
WHEREAS, in accordance with this change, the Finance Department shall update (i) the DuPage County Financial and Budget Policies, (ii) the DuPage County Expenditure Account Manual, (iii) the General Government Capital Asset Procedures Manual, and (iv) any other applicable manuals, policies, or documents.
NOW THEREFORE, BE IT RESOLVED that the DuPage County Board approves changes to the aforementioned County accounting procedures, effective December 1, 2023.
end
Enacted and approved this 27th day of February, 2024 at Wheaton, Illinois.
________________________________
DEBORAH A. CONROY, CHAIR
DU PAGE COUNTY BOARD
Attest: ___________________________________
JEAN KACZMAREK, COUNTY CLERK