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<br />(,'apital assets purchased \vith debt proceeds should be capitalized and <br />depreci ated over thei r csti rnated usefu 1 J i fe, regard I css of the cost. <br /> <br />'12* (.'ontributed (~~apitaJ <br /> <br />C\)lllribu Leo carit~i 1 assets should he recorded and dcprcci ated in the sanle <br />rna11ne1' as all other capiull (lssets. In additjon~ capital assets (lcquircd <br />through contribution n'Onl an outside source should be so idcnti ficd in the <br />records of the city~ including dOCl!nlent~ltion of the nctua.I or estinlated <br />va luc and the }.1Jsj S 0 r dctcrnl inat ion. For li nanc] a 1 statclllcnt pu rposcs, <br />depreciation for contributed capital shall be recorded separately fr0t11 <br />depreciation on all other capital assets. <br /> <br />13. Disclaimer: <br /> <br />Nothing in this policy shall be construed as to override applicable, state or <br />federal law, state or federal rules or regulations, Govelll111ental <br />Accounting Standards Board (GASB) rules or generally accepted <br />accounting principles (GAAP). <br /> <br />Adopted by the city council of the City of Centerville this lzth day of <br />November, 2003. <br /> <br />Approved: <br /> <br />Attest: <br /> <br />Mayor <br /> <br />Administrator <br /> <br />9 <br />