§ 30.14  CAPITALIZATION POLICY.
   (A)   The minimum capitalization amount for individual equipment, buildings and improvements, and for infrastructure assets (roads, bridges, culverts, curbs, sidewalks, lighting systems, gutters, and drainage systems) is established at $10,000.
   (B)   The cost for maintenance will be expensed.
   (C)   The costs for infrastructure will be capitalized and depreciated on a prospective basis beginning in Fiscal Year 2015-2016.
   (D)   The following depreciation guidelines are established:
 
Classification
Method
Useful Life
Machinery and equipment
Straight line
5 years
Buildings and structures
Straight line
20 years
Infrastructure
Straight line
40 years
Other improvements
Straight line
20 years
 
   (E)   This policy shall be applied to the Fiscal Year 2015-2016 audit and each year thereafter. This policy supersedes any capitalization policy previously adopted by the Village Board.
   (F)   The Village Board designates the Finance and Budget Committee with the responsibility for the oversight of capital assets in accordance with the provisions that are contained in this policy.
(Res. 2015-12-07A, passed 12-7-2015)