[Ord. No. 3641, 3-20-2023]
A. In accordance with recommendations of the Government Financial Officers
Association (GFOA), the following guidelines apply in determining
a capital asset:
1.
The asset will be capitalized only if it has an estimated useful
life of a least two (2) years following the date of acquisition;
2.
The capitalization threshold will be applied to individual fixed
assets rather than groups of fixed assets (e.g., desks, tables);
3.
The capitalization threshold will be five thousand dollars ($5,000.00);
and
4.
Control of non-capitalized fixed assets will be exercised by
establishing and maintaining adequate control procedures at the department
level.