Capitol assets include land, easements, rights-of-way, land improvements, buildings, building improvements, construction in progress, machinery and equipment, vehicles, infrastructure, works of art and monuments.
(A) Land, easements, rights-of-way and land improvements will be capitalized but not depreciated.
(B) Capitol assets with a useful life of more than one year and a threshold of $5,000 shall be capitalized and depreciated. This includes acquisitions by a lease-purchase agreement and donated items and will be reported in the government wide financial statements (see § 34.57).
(C) For accountability and safeguarding of assets an inventory will be kept on all computers and on all items costing more than $1,000 and up to, but not including, $5,000. These will be classified as non-capitalized assets. Assets that are not capitalized are expensed in the year of acquisition.
(Am. Ord. 2, 2005, passed 12-12-2022)