(A) The definition of this group is improvements to land for better enjoyment, attached or not easily removed, and will have a life expectancy of greater than two years.
(B) Examples are walks, parking areas and drives, golf cart paths, fencing, retaining walls, pools, outside fountains, planter underground sprinkler systems and other similar items.
(C) Improvements do not include roads, streets or assets that are of value only to the public. Roads or drives upon county-owned land that provide support to our facilities are assets. A sidewalk down the road for public enjoyment is an infrastructure improvement and is not capitalized. However, sidewalks installed upon county-owned land for use by the public and for the support of the facility are capital assets.
(D) The county will capitalize new improvements other than buildings only if they meet the following conditions:
(1) The total cost exceeds $5,000; and
(2) The useful life is greater than two years.
(E) A department will capitalize improvements or renovations to existing improvements other than buildings only if the result meets the following conditions:
(1) The total cost exceeds $5,000;
(2) The asset’s useful life is extended two or more years; and
(3) The total cost will be greater than the current book value and less than the fair market value.
(F) A department’s donated improvements other than buildings will be recorded at fair market value on the date of transfer with any associated costs.
(G) Purchases made using federal or state funding will follow the source funding policies and above procedures.
(H) The definitions of HISTORICAL COST is the cash equivalent price exchanged for goods or services at the date of acquisition. Land, buildings, equipment and most inventories are common examples of items recognized under the historical cost attribute.
(Ord. O-C-97-8, passed 11-3-1997)