The city will capitalize improvements other than building purchases or donations as follows:
(A) Items to be included in this category are attachments to land that are not easily removed. Examples of improvements other than buildings are parking lots and sidewalks on city-owned property.
(B) The city will capitalize improvements other than buildings if the total costs of the improvement is $5,000 or greater and the improvement is installed at a time other than when the building it is associated with is constructed.
(C) Milling and paving of an existing parking lot will be considered as maintenance rather than adding to the value of an improvement.
(D) Department heads shall be responsible for providing cost information to the City Clerk-Treasurer's office regarding improvements other than buildings that are $5,000 or greater.
(E) The City Clerk-Treasurer's bookkeeper will capitalize those improvements other than buildings and will also capitalize any donated improvements other than buildings using market value of the feature at the time of donation.
(F) "HISTORICAL COST." The original cost of an item or its estimated value using current replacement cost of the item, an estimated date of purchase and the Indiana State Board of Accounts factoring table to arrive at an estimated historical cost. Future purchases of items shall be recorded at original cost and entered with the date of purchase.
(Ord. 1-C-05, passed 2-22-05)