11. Leases

City Council · 2026-04-21 · agenda_item

This item concerns a new accounting policy for the City of West Melbourne regarding leases of non-financial assets lasting over twelve months. The city will now report these leases as assets and liabilities, with the liability calculated based on future payments. This change affects how the city accounts for control of assets like land or buildings. The process is currently under review by the City Council. This accounting update will likely lead to needs in financial consulting, legal services for contract review, and potentially IT services for system adjustments. Early engagement with city finance and legal departments could provide insight into upcoming needs.