(A) Infrastructure valuation.
(1) Infrastructure to be capitalized shall include all city- owned roads and bridges with original or estimated historical costs of $5,000 or greater.
(2) Right of ways of present city roads will not be included in the capitalized assets. Any new right-of-ways acquired by the city will be included if the cost or market value of such right-of-ways is $5,000 or greater. Only the original known or estimated cost of a paved road will be capitalized.
(3) Milling and paving or chip sealing will be considered as maintenance. Roadways that are accepted into the city system from developers shall be recorded at market value at the time of donation.
(B) Infrastructure record keeping and reconciliation.
(1) The Engineering Department shall be responsible for maintaining accurate records regarding all city infrastructures. If roads or bridges are permanently closed or new roads are accepted into the city road system by City Council and/or its Board of Public Works and Safety, such changes shall be recorded by the City Clerk-Treasurer's bookkeeper in the year that such changes occur. If a gravel road is paved or if a road is totally redone beyond milling as paving or chip sealing, such improvement shall be considered a capital asset if the cost is $5,000 or greater.
(2) Normal department operating activities regarding infrastructures such as feasibility studies, preliminary engineering, and design will be expensed rather than capitalized.
(Ord. 1-C-05, passed 2-22-05)