214.01 CAPITAL ASSETS.
   Capital assets are defined as major assets that benefit more than a single fiscal year period. Capital assets are reported at their historical costs. In the absence of information on an asset's historical cost, its estimated historical cost may be used.
   (a)   Assets donated by discretely presented component units or by parties outside the municipality shall be reported at their fair value on the date the donation is made.
   (b)   When capital assets are moved from one fund to another, the recipient fund shall continue to report those assets at their historical cost as the date of their acquisition by the donor fund.
   (c)   The historical cost of a capital asset shall include the cost of any subsequent betterment but exclude the cost of repairs. Betterments, unlike repairs, either enhance the functionality of a capital asset (i.e., effectiveness or efficiency) or extend a capital asset's expected useful life.
(Ord. 2005-09-01. Passed 9-14-05.)