§ 34.44 IMPROVEMENTS OTHER THAN BUILDINGS.
   (A)   The definition of this group includes improvements to land which are attached or not easily removed and which have a life expectancy of greater than two years. Examples are walks, parking areas and drives, golf cart paths, fencing, retaining walls, pools, outside fountains, planters, underground sprinkler systems, and other similar items.
   (B)   Road or drives on town-owned land that provide support to town facilities are assets. Sidewalks installed on town-owned land for use by the public and for the support of the town facility are capital assets.
   (C)   The town shall capitalize repairs or renovations to improvements only if it meets the following conditions:
      (1)   The total cost exceeds $35,000; and
      (2)   The useful life is greater than two years.
   (D)   A department shall capitalize improvements or renovations to existing improvements other than buildings only if the result meets the following conditions:
      (1)   The total cost exceeds $35,000;
      (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.
   (E)   A department’s donated improvements other than buildings shall be recorded at fair market value plus all associated costs on the date of transfer.
   (F)   Purchases made using federal or state funding shall follow the source funding policies and the aforementioned procedures.
   (G)   Historical cost. The cash equivalent price exchange for goods or services at the date of acquisition is the historical cost. Land, buildings, equipment, and most inventories are common examples of items recognized under the historical cost attribute.
(Ord. 10-05-0_, passed - -)