(A) The County Auditor shall ensure that accounting for capital assets is being exercised by establishing a capital asset inventory, both initially and periodically in subsequent years. The County Auditor will further ensure that the capital asset report shall be updated annually to reflect additions, retirements, and transfers and to reflect the new, annual capital asset balance for financial reporting purposes and the annual and accumulated depreciation calculation. The County Auditor shall be responsible for maintaining the records and accounts of all capital assets that have an actual cost or estimated historical costs of $5,000 or greater.
(B) The County Auditor will depreciate the capital assets of the county by using the straight-line method or the composite/group method of depreciation. Land is not depreciated according to general accepted accounting principles. Depreciable property must meet the following qualifications: the asset must have a useful life of more than one year and the asset must wear out or lose value over time.
(BC Ord. 2019-0042, passed 12-2-2019)