☒ Consent Agenda ☐Quasi-Judicial Public Hearing
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DEPARTMENT: Administrative Services
SUBMITTED BY: Peter Danao, Finance Director
PRESENTED BY: Peter Danao, Finance Director
TITLE & DESCRIPTION:
title
Revision of the Capital Asset Policy
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REQUESTED MOTION:
To approve and adopt the revision of the Capital Asset Policy as presented.
SUMMARY:
The Capital Asset Policy provides a understanding of determining and categorizing capital asset property/items throughout the County. It defines capitalization thresholds, depreciation methodologies, and examples of expenditures/expenses for each class of capital assets. The revision of the policy ensures the County is in accordance with new Governmental Accounting Standards Board (GASB) rules which sets and establishes Generally Accepted Accounting Principles (GAAP) for public entities.
BACKGROUND:
The County recognizes the importance of consistent direction and guidance in the handling of capital asset property/items. The Capital Asset Policy outlines the Board’s expectations for the requirements and responsibilities in the maintenance of capital asset accountability and establishes standards for managing and record keeping. The policy applies to all County employees, County Elected Officials’ offices, and others relative to capital asset accounting and ensures compliance with legal and regulatory requirements.
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