For the purposes of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
BUILDINGS. Structures designed to house personnel or equipment.
CAPITAL OUTLAYS. Expenditures which benefit both the current and future fiscal periods. This includes costs of acquiring land or structures; construction or improvements of buildings, structures or other fixed assets; infrastructure, machinery and equipment having an appreciable and calculable period of usefulness. These are expenditures resulting in the acquisition of or addition to the government’s general fixed assets.
CONSTRUCTION IN PROGRESS. Those buildings or improvements other than buildings that are not completed at the end of a fiscal year. These assets will be included with noted payments and dates, including change orders for all services and materials necessary for the preparation of the building or improvement other than building for its intended purpose.
FIXED ASSET. Tangible assets of a durable nature employed in the operating activities of the unit and that are relatively permanent and are needed for the production and sale of goods or services are termed PROPERTY, PLANT AND EQUIPMENT or FIXED ASSETS. These assets are not held for sale in the ordinary course of business. This broad group is usually separated into classes according to the physical characteristics fo the items (e.g., land, buildings, improvements other than buildings, machinery and equipment, furniture and fixtures.
HISTORICAL COST. The cash equivalent price exchanged for goods or services at the date of acquisition. Land, buildings, equipment, improvements other than buildings and construction in progress are common examples of assets recognized under the HISTORICAL COST attribute.
IMPROVEMENTS OTHER THAN BUILDINGS. Improvements to land for better enjoyment. Assets that are attached or not easily removed, and with a life expectancy of more than two years. Examples are walks, fencing, retaining walls, pools, outside fountains, planters, underground sprinkling systems, and other related items.
INFRASTRUCTURE. Streets, curbs, water lines, and sewer lines.
MACHINERY AND EQUIPMENT. An apparatus, tool, or conglomerate of components to form a tool The tool will stand alone and not become a part of a basic structure or building.
TANGIBLE ASSETS. Assets that can be observed by one or more of the physical senses. They may be seen and touched and, in some environments, heard and smelled.
(Ord. 08-002, passed 4-21-08)