[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.