Annual updating and reporting. Capital assets shall be recorded at historical cost, which includes any ancillary charges necessary to place the asset into its intended location and condition for use. Ancillary charges include, for example, freight and transportation charges, site preparation costs, and professional fees. Engineering costs (internal and external) include related preliminary project and environmental studies; project estimating, design, and planning (drawings and specifications); and construction engineering, construction management, construction inspection and project payment. However, no such costs shall be capitalized unless they can be directly identified to a specific capital asset and have been incurred subsequent to the determination that the capital asset will, in fact, be acquired (the costs of a feasibility study are not capitalizable, nor are other costs related to the project occurring prior to its completion). Donated capital assets are recorded at the value that would be necessary to acquire them.
(Ord. 15-C-21, passed 10-26-21)