For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
CAPITAL EXPENDITURES. Items at or above the stated capitalization thresholds for new or replacement assets or expenditures that materially improve an asset, increase the value, or add to the existed estimated useful life such as buildings or infrastructure are capitalizable.
CAPITAL OUTLAY. For improvements to buildings and general infrastructure, must be significant and increase square footage, increase efficiency, or extend the asset’s estimated useful life beyond what was originally estimated for the expenditure to be considered capitalizable and subject to capitalization.
CHANGE IN CAPACITY. Increases the level of service provided by the asset so the expenditure is capitalizable.
CHANGE IN EFFICIENCY. Either increases the level of service and asset provides or allows for maintaining the same level of service at a lower cost so the expenditure is capitalizable.
EXTENDED ESTIMATED USEFUL LIFE. Will result from a significant alteration, structural change, or improvement so expenditure is capitalizable.
IMPROVEMENT TO LAND. Any type of alteration done to make it more useable with assets that have a limited useful life; see examples in § 38.026.
(Ord. 21-0055, passed 8-11-2021; Ord. 22-0027, passed 5-11-2022)