HomeMy WebLinkAboutRES 07-094 RESOLUTION NO. 07-094
WHEREAS, the Financial Policies of the City of Beaumont included in the FY `07
Operating Budget provide a definition of "capital assets" to mean an asset with an
individual cost of more than $10,000 and an estimated useful life in excess of two years;
and,
WHEREAS, the capitalization of numerous small items overburdens the capital
asset management system; and,
WHEREAS, it is recommended that the threshold amount for consideration as a
capital asset, in addition to the property values already considered, should be building
values in excess of $50,000 and infrastructure in excess of $150,000;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the Financial Policies of the City of Beaumont shall be amended by amending the
definition of "capital asset" to mean "buildings valued at the time of acquisition in excess
of $50,000, other properties and equipment in excess of $10,000 and infrastructure in
excess of$150,000 with an estimated useful life in excess of two (2) years."
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 3rd day of April,
2007.
MONj.�111 - Mayor Guy N. Goodson -
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