TITLE
Title
BUDGET AMENDMENT: FY26 YEAR END ADJUSTMENTS
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SPONSOR
Sponsor
Donald Warn and Toy Beeninga
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BACKGROUND
Background
Consider approval of year-end budget amendments and accounting adjustments needed to complete the County’s annual financial close process and prepare the annual financial report. These actions align the budget with required accounting entries, reconcile revenues and expenditures, and allow completed grant and project accounts to be closed.
This item includes three categories of adjustments:
Microsoft Enterprise Agreement Accounting Entry
Appropriate funds to record the required GASB 96 accounting treatment for the Microsoft Enterprise Agreement approved by the Board on September 5, 2024. This accounting standard requires the County to recognize the total value of future software subscription payments when the agreement begins. The entry records both an expenditure and an equal offsetting revenue/other financing source, so the adjustment is budget-neutral for reporting purposes. The agreement includes Microsoft operating systems, Microsoft Office 365, Power BI Pro, Visio Pro, server licensing, and other enterprise and individual software licenses.
Grant and Project Fund Closeout Adjustments
Authorize transfers between the General Fund, Grants Project Fund, and Community Development Fund to reconcile revenue sources and match budgeted revenues with recorded expenses. These are year-end accounting cleanup entries that allow completed projects and grants to be properly closed once revenues and expenditures are aligned.
Guilford College Rural Fire District Budget Correction
Authorize a budget amendment between Guilford College rural fire district funds to correctly reflect sales tax revenue that was received in the Fire Protection District but budgeted in the Fire Protection Service District Overlay. This adjustment aligns the budget with where the revenue was actually received and where expenses should be recorded.
These ame...
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