The town and its various departments shall classify capital expenditures as capital outlays within the fund from which the expenditure was made in accordance with the chart of accounts of the city, town and county’s accounting manual. The cost or property, plant and equipment includes all expenditures necessary to put the asset into position and ready for use. For purposes of recording fixed assets of the town and its departments, the valuation of assets shall be based on historical cost of by estimation of such costs if historical cost is unknown.
(Ord. 08-002, passed 4-21-08)