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EXECUTIVE SUMMARY:

The Board is committed to establishing and maintaining policies, procedures, and operating guidelines that maximize the efficiency and effectiveness of all district divisions. Policy updates and revisions are presented at each monthly Board meeting in compliance with the Board’s requirement that all policies are reviewed on an ongoing basis.

 

This Operating Guideline DIA is being presented for adoption, and the procedural language from DIA Procedure will be captured in a new operating guideline. The following changes have been made:

  • Updated to comply with generally accepted accounting principles (GAAP) and recent pronouncements established by the Governmental Accounting Standards Board (GASB).
  • Updated based on information and templates provided by the Georgia Department of Audits & Accounts and the State Accounting Office.
  • Updated capital assets definitions and updated capitalization thresholds to compare with other metro Atlanta school districts.
    • Construction in Progress updated to $100,000
    • Buildings and Improvements updated to $100,000
    • All land will be capitalized
  • Added Intangible assets, other than software and Subscription-Based Information Technology Arrangements to capital assets to comply with GASB 51 and GASB 96, respectively.
  • Added definitions for deferred outflows/inflows of resources.
  • Updated compensated absences to include sick leave benefits in addition to vacation leave benefits we pay out to employees resigning and retiring from FCS.
  • Added definition for pollution remediation obligations.
  • Added information regarding Post Employee Benefits Other than Pension (OPEB) disclosures.
  • Added definition of Net Position and the various components of Net Position in the financial statements.
  • Added description of interfund activity.
  • Added Use of Estimates definition.

MOTION STATEMENT:

This item is submitted for information.

 

DIVISION SUPERVISOR:

Dr. Mike Looney
Superintendent
Administrative Center
470-254-3600
superintendent@fultonschools.org

 

PRESENTER:

Dr. Ryan Moore

Executive Director of Strategy
Administrative Center
470-254-6843
mooregr@fultonschools.org

 

OTHER CONTRIBUTORS:

District Staff

Suzann Wilcox, Attorney at Law, Nelson, Mullins, Riley & Scarborough LLP

 

STRATEGIC INITIATIVE:

This Board agenda item is classified as "on-going work," a set of recurring activities and projects central to daily district operations and support provided to schools, but outside the initiatives identified in Strategic Plan 2022.

 

FINANCIAL INFORMATION:

N/A