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Council adopts administrative SOP updates to implement GASB 87 and 96 and budget cleanups
Summary
Council approved Resolution No. 46-50-25 to amend budgeting SOP language, add lease accounting (GASB 87) and subscription‑software procedures (GASB 96), and clarified thresholds for council approval of budget transfers.
The Oviedo City Council adopted amendments to administrative standard operating procedures addressing budget policy cleanup and new GASB accounting requirements at its Sept. 15 meeting.
Staff said Resolution No. 46-50-25 makes three principal changes: (1) updates the city’s budget standard operating procedure, including establishing an operating reserve and a repair-and-replacement fund for the stormwater fund; (2) adds a new SOP to implement Governmental…
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