(A) Capital assets have estimated useful lives extending beyond a single reporting period (one year) and are depreciated using the straight-line method with no allowance for salvage value. The estimated useful lives currently used were developed with the input of knowledgeable staff and reflect our government’s experience with these assets:
Land | Non-depreciable |
Land improvements | 20 years |
Buildings | 50 years |
Machinery and equipment | 5 years |
Vehicles | |
Autos | 5 years |
Light trucks | 10 years |
Heavy trucks | 15 years |
General infrastructure | 20 to 100 years |
Computer software | 5 years |
(B) Depreciation will be calculated using the straight-line method and full-year convention. No salvage value or residual value will be recognized.
(Ord. 10-2023, passed 12-19-23)