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Note 24 - Fauquier County

Note 24 - Fauquier County

Note 24 - Fauquier

NOTE 23 – COMMITMENTS UNDER NONCAPITALIZED LEASES The County leases the following properties: Properties Annual Payments Lee and John Marshall Street, Corner Parking Lot $ 6,000 Registrar’s Office, 32 Waterloo Street 39,928 Economic Development Office, 35 Culpeper Street 25,224 Department of Social Services, 70 Main Street 23,483 Juvenile and Domestic Relations Court, 98 Alexandria Pike 61,512 Reassessment Office, 98 Alexandria Pike 6,710 All leases are subject to annual appropriation of rental payments. NOTE 24 – IMPLEMENTED AND PENDING GASB STATEMENTS In November, 2010 GASB issued Statement No. 60, Accounting and Financial Reporting for Service Concession Arrangements. This statement addresses how to account for and report service concession arrangements (SCAs), a type of public-private or public-public partnership that state and local governments are increasingly entering into. This statement is effective for periods beginning after December 15, 2011. The County will be implementing this statement in fiscal year 2013. In November, 2010 GASB issued Statement No. 61, The Financial Reporting Entity: Omnibus – an Amendment of GASB Statements No. 14 and No. 34. The objective of this statement is to improve financial reporting for governmental entities by amending the requirements of Statements No. 14, The Financial Reporting Entity, and No. 34, Basic Financial Statements-and Management’s Discussion and Analysis-for State and Local Governments, to better meet user needs and address reporting entity issues that have come to light since those statements were issued in 1991 and 1999, respectively. This statement is effective for periods beginning after June 15, 2012. The County will be implementing this statement in fiscal year 2013. In December, 2010 GASB issued Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This statement is intended to enhance the usefulness of its Codification by incorporating guidance that previously could only be found in certain Financial Accounting Standards Board (FASB) and American Institute of Certified Public Accountants (AICPA) pronouncements. This statement is effective for periods beginning after December 15, 2011. The County will be implementing this statement in fiscal year 2013. In June, 2011 GASB issued Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. The objective of this statement is to improve financial reporting by providing citizens and other users of state and local government financial reports with information about how past transactions will continue to impact a government’s financial statements in the future. This statement is effective for periods beginning after December 15, 2011. The County will be implementing this statement in fiscal year 2013. In June, 2011 GASB issued Statement No. 64, Derivative Instruments: Application of Hedge Accounting Termination Provisions-an Amendment of GASB Statement No. 53. The objective of this statement is to improve financial reporting by state and local governments by clarifying the circumstances in which a hedge accounting continues to be applied when a swap counterparty, or a swap counterparty’s credit support provider, is replaced. This statement is effective for periods beginning after June 15, 2011. The County does not own any derivatives and therefore is not affected by this statement. In March 2012, GASB issued Statement No. 65, Items Previously Reported as Assets and Liabilities. This Statement established accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities and recognized, as outflows of resources or inflows of resources, certain items that were previously reported as assets and liabilities. This statement is - 105 -

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