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Hillsborough County Public Schools, Florida
Tuesday, 06/09/2020
School Board Meeting
Title

B6.26 - Approve Disposal of Obsolete Tangible and Intangible Personal Property (Financial Services Division)  

Description

Disposal will be by auction to the highest bidder, or by salvaging. Tangible and intangible personal property requested for removal from the property records no longer serves a district purpose, is nonfunctional (obsolete), damaged beyond economical repair, or harvested for parts. The District has been awarded a grant by the Environmental Protection Agency to fully fund the replacement of ten buses that no longer meet current emission standards. A requirement of the grant is that ten non-compliant buses must be removed from service and disposed in a manner as to ensure that no part of the bus can be re-utilized and returned to the road.

Gap Analysis

Generally Accepted Accounting Principles require that assets, which are nonfunctional or damaged beyond economical repair, be removed from the property records.  State Statute 274.05, 274.06, and 274.07 states the governmental unit shall have discretion to classify property as surplus and with consideration of what is in the best interests of the district, may lawfully dispose of it. The authority for disposal shall be recorded in the governmental unit’s minutes.

Previous Outcomes

 This information had previously been presented quarterly and helps our team document where training or paperwork is needed.

Expected Outcomes

 The Board to approve the disposal of obsolete tangible and intangible personal property.

Strategic Plan Goal

* Establish a strong foundation of financial stewardship

Recommendation

For the Board to approve the disposal of obsolete tangible and intangible personal property.

Contact

Jeffrey A. Robison, Property Control Manager, jeff.robison@sdhc.k12.fl.us, (813) 744-8874

Financial Impact

There are zero additional costs to the district. The Fixed Assets Master File will be reduced by $0.00, which is the net book value of the assets. Governmental agencies, per Government Accounting Standards Board Statement 34, are required to utilize depreciation in reporting net assets. All proceeds received from the auction will be deposited into the appropriate funding source. 

Review Comments

Gretchen Saunders , Chief Financial Officer (813) 272-4270