(A) This capitalization policy is intended to provide guidance for the capitalization and depreciation of capital assets to comply with the requirements of Governmental Accounting Standard Board Statement No. 34, Basic Financial Statements and Management’s Discussion and Analysis for state and local governments. This statement requires the reporting of the village capital assets and depreciation in their annual audited financial statement.
(B) This policy includes capital asset classes, descriptions, capitalization threshold levels, estimated useful lives, methods of depreciation, and the procedures to be used in effectively identifying, recording, and reporting the village’s capital assets.
(Ord. 21-02, passed 1-5-2021)