(A) To be considered a capital asset for financial reporting purposes an item must at the time of acquisition be valued for accounting and financial reporting purposes at a unit historical cost greater than or equal to $10,000 ($5,000 if funded through a federal grant).
(B) This capitalization threshold is to be applied prospectively starting January 1, 2022.
(C) Assets shall remain as part of the property record until they are retired, sold, traded, or otherwise disposed of regardless of their net book value amount.
(Ord. 2022-7, passed 6-7-2022)