(A) The town shall classify capital expenditures as capital outlays within the fund from which the expenditure was made in accordance with the Chart of Accounts of the Cities and Towns Accounting Manual. The cost of the property, plant and equipment includes all expenditures necessary to put the asset into position and service. For purposes of recording fixed assets of the town, the valuation of assets shall be based on historical costs, or where the historical cost is indeterminable, by estimation for those assets in existence.
(B) Any town municipally owned utility shall record acquisition of fixed assets in accordance with Generally Accepted Accounting Principles (GAAP). When an asset is purchased for cash, the acquisition is simply recorded at the amount of cash paid, including all outlays relating to its purchase and preparation for intended use. Assets may be acquired under a number of other arrangements, including, but not necessarily limited to, the following:
(1) Assets acquired for a lump-sum purchase price;
(2) Purchase on deferred payment contract;
(3) Acquisition under capital lease;
(4) Acquisition by exchange of non-monetary assets;
(5) Acquisition by issuance of securities;
(6) Acquisition by self-construction;
(7) Acquisition by donation or discovery.
(C) For the purposes of this chapter, as amended from time to time, an Asset Register (prescribed Form 211) shall be maintained by the Clerk-Treasurer to provide a detail record of the capital assets of the town. Additionally, the Clerk-Treasurer will maintain a "Town of Winfield Fixed Asset Record" as attached to Ordinance No. 154, passed February 20, 2007 and adopted by reference as if fully set forth herein, for each fixed asset.
(Ord. 154, passed 2-20-2007)