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<br />- '" <br />," <br /> <br />City of CenterviC{e <br />CapitaC ana 1generaC Txpenditure PoCicy <br /> <br />POLICY <br /> <br />It is the policy of the city of Centerville to maintain appropriate procedures regarding the <br />procurement, management aJ?d disposal of capital assets, and to establish and monitor <br />fiscally responsible spending practices. <br /> <br />PURPOSE <br /> <br />To ensure proper accountability and ste':Vardship of the resources available for capital and <br />general expenditures, while maintaining a safe and healthy working environment for all <br />employees and delivering high level services to the residents of the city ofCenterville. <br /> <br />DEFINITIONS <br /> <br />1. Caoital Asset: <br /> <br />Equipment, property, buildings, vehicles, infrastructure, and <br />improvements that have a value equal to or greater than the capitalization <br />threshold for the particular classification of the asset and have an average <br />useful life of three years or longer or, when added to the original asset, <br />extend the useful life of the asset, and meet the following criteria: <br /> <br />Equipment <br /> <br />· The item retains its original shape and appearance with use; <br />· It is non-expendable (not a supply); <br />. It represents an investment; <br />· It does not lose its identity by incorporating it through a <br />different or more complex item; <br />. Includes furniture but excludes built-in equipment which is <br />considered part of the building; <br />. The item is not a repair part. <br /> <br />Propertv <br /> <br />. Initial acquisition of real estate; <br />. Improvements such as trees, shrubs, wells, septic systems, <br />walkways, driveways, fences and other man-made <br />improvements. An improvement must increase the value of the <br />property. <br /> <br />1 <br />