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VI. Responsibility/Authority

City-wide Department responsibilities:
• Serve as custodians of right of use assets that are assigned to their departments
• Ensure full departmental compliance with the established lease policy in order to
maintain adequate records of the City’s right of use assets
• Each department head must appoint a department designee that has knowledge and
experience in lease contracts. Department designee responsibilities include but are
not limited to:
 Identifying potential new leases
 Notify FMS of any change or cancellation to a lease
 Marking the Mayor and Council Communication (M&C) as a potential lease
 Including the Finance Lease Coordinator in the collaboration of the M&C
 Having the Purchasing module designate the contract as a lease
 Emailing the Finance Lease Coordinator providing all information needed to
determine eligibility and when none of the above would apply
FMS responsibilities:
• The Finance Lease Coordinator, Financial Management Services Manager and
Assistant Finance Director over Accounting shall ensure that all leases entered into
by the City are properly identified, recorded and reconciled in the Leasing software,
PeopleSoft Asset Management, Purchasing, and General Ledger modules monthly.
 Maintain a master lease spreadsheet to determine the lease type (short-term,
scope exclusion or GASB 87/96).
 Complete the entry of the lease details in the Leasing software once the lease
type is determined to be GASB 87/96 or Regulated leases.
• The Finance Lease Coordinator is responsible for maintaining a current listing of
all leased Asset Designees from all City departments.
• The Finance Lease Coordinator must oversee the review of all transactions related
to leased assets at least monthly and update the Leasing software, PSAM system,
PSGL system as required, upon validation of the transactions or corrections.
• The Finance Lease Coordinator, Financial Management Services Manager and
Assistant Finance Director over Accounting are responsible for ensuring that
journal entries and monthly amortization expense are properly recorded in the
general ledger and changes noted by the department designees are recorded in the
PSAM and PSGL system.
• FMS is responsible to provide department representatives with the necessary
training in lease asset management to effectively fulfill their duties and
responsibilities under this policy.

VII. Asset Classification
The City categorizes capital assets into the following:
• Land Lease
• Building Lease
• Infrastructure Lease
• Machinery and Equipment Lease
• Vehicle Lease

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