For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
CAPITAL ASSETS. Tangible assets of durable nature employed in the operating activities of the town and are relatively permanent and needed for the provision or sale of goods or services. This broad group is usually separated into asset types according to the physical characteristics of the items. The category types for the CAPITAL ASSETS are: land; infrastructure; buildings; improvements other than buildings; machinery and equipment; and construction in progress.
CAPITAL OUTLAYS. Expenditures which benefit both the current and future fiscal periods. These cost are for the acquisition of or addition to the city’s capital assets for those assets with costs of $5,000 or greater and life expectancies longer than one year.
ENTERPRISE FUNDS. Those funds used to account for operations that are financed and operated in a manner similar to private business enterprise, where the intent of the town is that the expenses, including depreciation of providing goods and services to the general public on a continuing basis be financed or recovered primarily through user charges; or, where the town has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, and other purposes. The ENTERPRISE FUNDS of the town include the municipally-owned water, wastewater, and electric utilities and any other utility that may be established by the Common Council. Operation of these utilities shall require ENTERPRISE FUND accounting and reporting.
HISTORICAL COST. The cash equivalent price exchanged for goods or services at the date of acquisition.
TANGIBLE ASSETS. An organization’s resources that have physical properties that can be observed by one or more of the physical senses. For the town, these resources are those items that are used in the provision of services.
(Ord. 2018-4, passed 2-14-2018)