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<br />Memo <br />Restructuring Account Codes <br />2 <br /> <br />when a comparison is done for budget versus expense. Thc proposed structure would have about <br />85 object codes as compared to 250 object codes as they exist today. <br /> <br />If implemented, the restructuring of the account codes would take affect during the 2007 <br />budgeting process. Exhibit B shows the entire proposed object code structure along with the <br />existing structure. Also included is an example of the Administration Department budget that <br />compares the existing object code structure with the proposed new structure (Exhibits C & D). <br /> <br />SUMMARY: <br />In order to improve reporting and tracking, it is suggested that a number of these object codes be <br />eliminated. These object codes had very specific purposes when they were originally created, <br />but with the restructuring ofthese object codes those specific purposes can still be met. The <br />suggestion is to restructure the current financial system with far less object codes and additional <br />categories. The City will be able to analyze and report expenses with greater ease as a result of <br />this restructuring. <br /> <br />RECOMMENDED ACTION: <br />Staff recommends the City Council approve the restructuring of the current financial system. As <br />part of this restructuring, the Council also authorizes staff to combine any balances with their <br />respective object codes. <br /> <br />. <br /> <br />. <br /> <br />. <br />