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<br /> <br />. <br /> <br />tervi{{e <br />'Esta6{isfret[ 1857 <br /> <br />STAFF REPORT <br />CENTERVILLE CITY COUNCIL <br /> <br />Date: DeceDlber23,2003 <br /> <br />To: Honorable Mayor and City Council MeDlbers <br />Ms. Kiln Moore-Sykes, City AdDlinistrator <br /> <br />EDen Paulseth, Finance :Director l(j <br />Re: Capital Asset Policy <br /> <br />From: <br /> <br />*********************************************************************** <br /> <br />The recent changes set forth in GASB Statement 34 have made it necessary to update the <br />capital expenditure policy to include information relating to the depreciation of capital <br />assets. <br /> <br />The proposed additiona1language is outlined in blue and primarily relates to <br />depreciation. I have also attached preliminary depreciation schedules for general fixed <br />assets and infrastructure assets to demonstrate the effect of the policy changes. As noted <br />in the schedules, anmla1 depreciation for the year 2003 for general fixed assets would be <br />$60,238 and $224,238 for infrastructure assets. Keep in mind that streets are only being <br />recorded from construction year 1997 and forward at this time. We are only required to <br />record and depreciate infrastructure assets to the extent that we have outstanding debt. <br /> <br />Please review the proposed changes, paying special attention to the usefu1life <br />component. A resolution is attached for your consideration <br />