(A) These assets are defined as improvements to land for better enjoyment, attached or not easily removed and which will have a life expectancy of greater than two years. Examples are walkways, parking areas and drives, golf cart paths, fencing, retaining walls, pools, outside fountains, planters, underground sprinkler systems, water supply mains, collection sewers, wells, dams, intake pipes, manholes, fire hydrants and other similar items. Improvements do not include roads, streets or assets that are of value only to the public. Roads or drives upon town-owned land that provide support to town facilities are assets. A sidewalk down the road for public enjoyment is an infrastructure improvement and is no capitalized. However, sidewalks installed upon the town-owned land for use by the public and for the support of town facilities are capital assets.
(B) The town will capitalize new improvements, other than buildings, only if the same meet the following conditions:
(1) The total cost exceeds $5,000; and
(2) The useful life is greater than two years.
(C) A department will capitalize improvement or renovations to existing improvements other than buildings only if the result meets the following conditions:
(1) The total cost exceeds $5,000;
(2) The asset’s useful life is extended two years or more; and
(3) The total cost will be greater than the current book value and less than the fair market value.
(D) A department’s donated improvements, other than buildings, will be recorded at fair market value on the date of transfer with any associated costs.
(E) Purchases made using federal or state funding will follow the source funding policies and above procedures.
(2014 Code, § A3.4(3))