This capital asset policy will become effective on January 1, 2021. The purpose of this policy follows:
(A) Facilitate the preparation of the City Annual Financial Report in accordance with Generally Accepted Accounting Principles (GAAP);
(B) Support the process of financial reporting for accounting purposes relative to the capital asset provisions of the Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements and Management’s Discussion and Analysis - for State and Local Governments as they relate to capital assets;
(C) Make possible the calculation of capital asset beginning and ending balances and depreciation totals for gateway reporting;
(D) Manage and account for the acquisition, depreciation, and ultimate disposal of the city’s capital assets that are used in current operations to provide governmental services;
(E) Achieve stewardship of the city’s significant investment in capital assets;
(F) Establish a basis for the annual reporting of additions and retirements of capital assets making possible the accurate updating of the comprehensive capital asset database; and
(G) Manage the city’s capital assets and related information economically, efficiently, and effectively in the future.
(Ord. 21-0055, passed 8-11-2021; Ord. 22-0027, passed 5-11-2022)