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County finance staff outline GASB lease reporting, lottery transfers and year-end budget amendments
Summary
Finance staff presented three technical items at the June 2 work session: accounting changes required by GASB 87 and 96, a requested transfer of lottery funds to Rowan County on request, and multiple year-end budget amendments across county funds.
Cabarrus County finance staff briefed the Board of Commissioners on several fiscal-technical items June 2, including new accounting requirements under GASB, a lottery-fund transfer request, and routine year-end budget amendments.
Jim Howden, finance director, said Governmental Accounting Standards Board standards GASB 87 and 96 "require us to record certain leases and certain IT subscriptions as debt payments." He explained that the county budgets these costs in departmental general-fund accounts and then moves them at year…
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