This capital asset policy will become effective on January 1, 2020. The purpose of this policy follows:
(A) To facilitate the preparation of the town's annual financial report in accordance with generally accepted accounting principles (GAAP).
(B) Manage and account for the acquisition, depreciation, net book value and ultimate disposal of the town's capital assets that are used in current operations to provide governmental services.
(C) Establish a basis for the annual reporting of additions and retirements of capital assets making possible the accurate updating of the comprehensive capital asset database.
(D) Make possible the calculation of capital asset beginning and ending balances and depreciation totals for gateway reporting.
(Ord. 2020-19, passed 11-10-2020)