It is important to the maintenance of accurate records that each asset category be precisely defined and that all persons responsible for records maintenance be fully aware of the categorization system. This section further clarifies the asset definitions by major category.
(A) Land. Specified land, lots, parcels or acreage owned by the town, its various departments, boards or authorities, regardless of the method or date of acquisition.
(B) Improvements other than buildings.
(1) Examples of town assets in this category are walks, parking areas and drives, fencing or retaining walls, pools, fountains, planters, underground sprinkler systems and other similar items.
(2) Examples of town utility assets in this category are water supply mains, collection sewers, wells, dams, fences, intake pipes, manholes and fire hydrants.
(C) Buildings.
(1) All structures designed and erected to house equipment, services or functions are included. This includes systems, services and fixtures within the buildings and attachments such as porches, stairs, fire escapes, canopies, areaways, lighting fixtures, flagpoles and all other such units that serve the building.
(2) Plumbing systems, lighting systems, heating, cooling, ventilating and air handling systems, sprinkler systems, alarm systems, sound systems and surveillance systems, passenger and freight elevators, escalators, built-in casework, walk-in coolers and freezers, fixed shelving and other fixed equipment are included with the building, if owned. Communications antennas and/or towers are not included as buildings. These are parts of the equipment units that they serve.
(D) Equipment. Equipment includes all other types of physical property within the scope of the fixed asset management system not previously classified. Included within this category are office mechanical equipment, office furniture, appliances, furnishings, machinery items, maintenance equipment, communication equipment, Police, Fire, Sanitation and Park Department equipment, laboratory equipment, vehicles, road equipment, aircraft, emergency equipment, earth moving equipment, text equipment, civil defense equipment, data processing equipment and zoo wildlife. All supplies and replacement of parts are excluded.
(E) Infrastructure.
(1) Infrastructure assets are long-lived capital assets that normally can be preserved for a significant greater number of years than most capital assets and that are normally stationary in nature. Examples include roads, streetlights, traffic signals, street signs, drainage systems and water systems Infrastructure assets do not include buildings, drives, parking lots or any other examples given above that are incidental to property or access to the property above.
(2) Additions and improvements to infrastructure should be capitalized because they increase the capacity or efficiency of the asset. Maintenance costs that allow the asset to continue to be used in its originally established life will be expensed.
(3) The historical reporting requirement of GASB 34 required the town to only report on items put into use from 1980 forward.
(Res. 9, passed 7-20-2004)