(A) This capital asset policy will be retroactively effective as of January 1, 2022 (the "effective date"). The purpose of this policy is to facilitate the preparation of financial statements in conformity with generally accepted accounting principles and in compliance with applicable laws and regulations governing municipal finance.
(B) Capital assets are personal and real property used in the operations of the city that have an expected estimated useful life beyond a single reporting period (one year). Capital assets are to include any item that falls into one of the following categories:
(1) Land;
(2) Buildings and building improvements;
(3) Machinery and equipment;
(4) Vehicles;
(5) Computer software;
(6) General infrastructure (roads, bridges, rights-of-ways);
(7) Construction in progress.
(Ord. 2022-01, passed 2-14-2022)