(A) The town will capitalize machinery and equipment with original costs of $5,000 or more original cost. Examples include trucks, cars, mowers, tractors, pumps and motors, furniture, and security camera systems. Model numbers and serial numbers will be included when available and applicable. Departmental location and known or estimated date of acquisition will be included with the asset listing.
(B) Capitalization of machinery and equipment costs will include shipping or delivery charges. Cost for attachments to equipment that are necessary for the intended use of the equipment will be included with the machinery and equipment. Examples of such attachments are: radar and camera units; snow blades; snow throwers; salt boxes; tractor cabs; and excavation buckets.
(C) Leased equipment will only be included if the lease is a lease to purchase agreement. The principle sum for the lease purchase will be included in the fixed asset listings.
(D) Donated machinery and equipment will be listed at fair market value on the date of transfer with any associated costs. The procedures for listing donated items as fixed assets will be the same as those listed in divisions (A) and (B) above concerning machinery and equipment.
(E) Machinery and equipment purchases using state or federal funding will also follow the above provisions in divisions (A) and (B) above.
(Ord. 2018-4, passed 2-14-2018)