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<br />following exceptions may be paid by approval of the city administrator <br />and are given general blanket approval by the city council, provided that a <br />list of all such claims paid in this manner is presented to the council for <br />approval at the next regular meeting: <br /> <br />. Disbursements made from trust and agency funds of the city; <br />. Bond payments including principal, interest, and agent fees; <br />. Payroll; <br />. Appropriations of the city council; <br />. Registration fees for meetings and seminars where a late <br />charge would be incurred or a deadline missed if payment was <br />delayed to the next council meeting; <br />. Postage meter replenishment; <br />. Contract payments for contracts entered into by the city council <br />that have specific payment instructions, including construction <br />and development contracts, with the exception of the final <br />payment; <br />. Payments in which a substantial discount can be realized by <br />timely payment; <br />. Payments from non-budgetary accounts such as federal and <br />state agency trust and liability payments (i.e., payroll taxes, <br />sales tax, etc.) <br />· Monthly lease payments on leases entered into by the city <br />council, excluding the final payment of a lease-purchase <br />contract; <br />. Investments. <br /> <br />9. Recordine: and Depreciatine: Capital Assets <br /> <br />Capital assets should be recorded and reported at historical cost. When <br />the historical cost of a capital asset is not practicably determinable, the <br />estimated historical cost ofthe asset should be detemlined by appropriate <br />methods. Estimated historical cost should be identified in the records, <br />including the basis of determination. Donated capital assets should be <br />recorded at fair value at the time of acquisi'tion. <br /> <br />In accordance with Governmental Accounting Standards Board (GASB) <br />34, fixed assets will be depreciated over their estimated usefhllives unless <br />they are: <br /> <br />· Inexhaustible (i.e., land and land improvements, certain <br />works of art and historical treasures. <br />. Construction work in progress. <br /> <br />For financial statement pluposes, the straight-line method will be used to <br />calculate depreciation for each capital asset recorded. At the end of the <br /> <br />6 <br />