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<br />. <br /> <br />. <br /> <br />. <br />. <br /> <br />~ <br />,,^~HILLS <br /> <br />Request of City Council Action <br /> <br />Agenda Item #: 3.1 <br />Council Meeting Date: January 12. 2004 <br />Prepared By: AP @ <br />Originating Department: Finance <br /> <br />Budgeted Amount: <br />Actuat Amount: <br />Final Action Needed By: N/A <br /> <br />Council Action Request: <br /> <br />Consider a motion to approve Resolution 04-16: Approving the Capital Asset Policy. <br /> <br />Staff Recommendation: <br /> <br />Approve Resolution 04-16: Approving the Capital Asset Policy. <br /> <br />Advisory Commission Action: <br /> <br />o Planning <br />DpTRC <br /> <br />Date <br />Date <br /> <br />Action: DReviewed <br />Action: DReviewed <br /> <br />DApproved <br />DApproved <br /> <br />DDenied <br />DDenied <br /> <br />Supporting Documents: <br /> <br />. 0 Memo/Letter: <br /> <br />e <br /> <br />~ Resolution (No. 04-16) <br />o Ordinance (No. ) <br />o Engineering Recommendation: <br /> <br />o Attorney Recommendation: <br /> <br />o Other: <br /> <br />Financial Implications: <br /> <br />There are no direct financial implications associated with approving the policy. However, it will <br />impact the preparation and content of financial statements and fixed asset reporting on a going <br />forward basis. This will provide the foundation for bringing the City into compliance with the <br />requirements outlined in GASB 34. <br /> <br />Administrator/Staff Comments: <br /> <br />Since the December Work Session, one change suggested by Brenda Davitt has been <br />incorporated into the document. The "construction in progress" capitalization threshold in <br />Section 1 has been changed from "Accumulate all costs and capitalize ifover $100.000 when <br />complete," to "Accumulate all costs and capitilize if over $25,000 for buildings or other <br />improvements and $100,000 for infrastructure." <br />