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<br /> <br />'l~,.tllbfi,4ii'd Il\'::;'- <br /> <br />STAFF REPORT <br />CENTERVILLE CITY COUNCIL <br /> <br />Date: <br /> <br />December 23, 2003 <br /> <br />To: <br /> <br />Honorable Mayor and City Council Members <br />Ms. Kim Moore-Sykes, City Administrator <br /> <br />Ellen Paulseth, Finance Director (.21 <br /> <br />Capital Asset Policy <br /> <br />From: <br /> <br />Re: <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 additional language 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, annual 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 useful life <br />component. A resolution is attached for your consideration. <br /> <br />L_ <br />