(A) “Capital assets” are defined as assets having a useful life of more than one year and an acquisition cost of $4,000 or more. Capital assets include land, land improvements, buildings, building improvements, machinery and equipment, vehicles, construction work in progress, works of art, historical treasures, and infrastructure, the latter of which are long-lived capital assets that normally are stationary in nature and normally can be preserved for a significantly great number of years than most capital assets.
(B) All items with a useful life of more than one year and a cost of $4,000 or more shall be capitalized, including acquisitions by lease-purchase agreements and donated items. All land will be capitalized but not depreciated. Construction work in progress will be included in the capital asset inventory and will be depreciated once the project is complete and transferred to the appropriate county department. Items costing less than $4,000 that are permanently installed as a part of the cost of the original construction or installation of a larger building or equipment unit, or that prolong a fixed asset’s economic life or expand its usefulness, will be in included in the cost of the larger unit.
(C) All capital assets meeting the criteria will be included in the county’s fixed asset inventory and reported in the county’s financial statements. Assets that are not capitalized are expensed in the year of acquisition. Departments must maintain an inventory of capital assets under their supervision.
(Ord. 2022-1, passed 4-26-2022)