(A) Corporate seal. The corporate seal of the village shall be as follows: a circular disc with the words “Official Seal” inscribed in the inner circle and “Village of Lakemoor, Illinois” in the outer circle thereof.
(B) Fiscal year. The fiscal year of the village shall begin on May 1 of each year and end on April 30 of the year following.
(C) Injury to public property. It shall be unlawful to injure, deface or interfere with any property belonging to the village without proper authority from the Village Board. Any person violating the provisions of this chapter shall be fined not less than $25, nor more than $750, for each offense.
(D) Elections. Elections for municipal offices shall be held as is provided by statute, and at the same time prescribed by statute.
(E) Capitalization policy. In relation to the purchase of assets by the village, the purchases shall be categorized, for accounting purposes, in conformance with the following policy.
(1) For the purpose of this division (E), the following definitions shall apply unless the context clearly indicates or requires a different meaning.
CAPITAL EXPENDITURE. The cost of the asset including the cost to put it in place. CAPITAL EXPENDITURE for equipment means the net invoice price of the equipment, including the cost of any initial modifications, attachments, accessories or auxiliary apparatus necessary to make it useable for the purpose for which it was acquired. It also includes the cost of incoming transportation incurred on shipments from external suppliers.
EQUIPMENT. An article of non-expendable, tangible, personal property which stands alone, is complete in itself, does not lose its identity and has a useful life of more than one year.
1. CAPITAL EQUIPMENT. Those items of equipment which have an acquisition cost of $5,000 or more are capitalized.
2. MINOR EQUIPMENT. Those items of equipment which have an acquisition cost of less than $5,000 are expensed.
INDIRECT COSTS. Incurred related to an equipment purchase shall always be expensed and shall never be capitalized.
REPLACEMENT PARTS. Required to repair an item of capital or minor equipment and which simply maintain the original function of the equipment will be expensed.
(2) Fabricated Items will be capitalized if the cost of the material making up the fabrication is $5,000 or greater, the useful life of the item is more than one year, the item is village owned or government funded, and the item is identifiable as a discrete item.
(3) Expenditures needed to maintain equipment in a proper operating condition or to restore equipment to a proper operating condition shall be expensed.
(4) All computer software, whether operating systems or applications, shall be expensed.
(Ord. 06-O-11, passed 5-25-2006; Ord. 07-O-25, passed 7-12-2007)