(A) Improvements other than buildings include assets such as site lighting, parking lots, and walk paths, pools, and fencing. The town will capitalize improvements other than buildings if the improvements have a total cost of $5,000 or greater. The listings of these improvements will include known or estimated date of acquisition, location, and vendor if identifiable.
(B) Capitalization of improvements other than buildings expenditures will include architectural and engineering fees, shipping costs if any, site work for the installation of the improvement, contractor, subcontractor, and other costs directly attributable to the improvement other than building.
(C) Donated improvements other than buildings will be recorded at fair market value on the date of acquisition including any associated costs as listed in divisions (A) and (B) above.
(D) Maintenance or repairs necessary to maintain the existing improvement other than buildings will be expensed. For example, patching, resurfacing, snow removal, and the like, are considered maintenance activities and will be expensed. Department operating activities such as feasibility studies will be expensed and not capitalized as an element of the infrastructure asset.
(E) Improvements other than building expenditures using federal or state funding will be included on the same basis as listed in divisions (A) and (B) above.
(F) Donated infrastructure will be recorded at fair market value on the date of transfer with any associated costs.
(Ord. 2018-4, passed 2-14-2018)