My WebLink
|
Help
|
About
|
Sign Out
Home
2014 CAFR
Roseville
>
Budget
>
2014 CAFR
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
3/9/2018 4:19:46 PM
Creation date
2/2/2018 12:07:15 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
134
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANClAL STATEMENTS <br />December 31, 2014 <br />5. Capital Assets <br />Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, <br />bridges, sidewallcs, and similar items), and intangible assets such as easements and computer <br />software are reported in the applicable governmental or business-type activities columns in the <br />government-wide financial statements. Capital assets, except infrastructure assets, are defined by <br />the City as assets with an initial, individual cost equal to or greater than $5,000 and an estimated <br />useful life in excess of 2 years. Accordingly, the amounts spent for the construction ar <br />acquisition of infrastiucture assets are capitalized and reported in the government-wide financial <br />statements regardless of their amount. <br />With the initial capitalization of general infrastructure assets (i.e., those reported by governmental <br />activities), the City chose to include all such items regardless of their acquisition date or amount. <br />The City's Pavement Management Plan contained all historical costs for the City's general <br />infrastructure assets. As the City constructs or acquires additional capital assets each period, <br />including infrastructure assets, they are capitalized and reported at historical cost. The reported <br />value excludes normal maintenance and repairs which are essentially amounts spent in relation to <br />capital assets that do not increase the capacity or efficiency of the item or extend its useful life <br />beyond the original estimate. Donated capital assets are recorded at their estimated fair market <br />value on the date of donation. <br />Property, plant and equipment of the City are depreciated using the straight-line method over the <br />following estimated useful lives: <br />Assets Years <br />Buildings 40 <br />Building Improvements 25 <br />Furniture and Equipment 5 <br />Light Vehicles 5 <br />Heavy Vehicles 10 <br />Fire Trucks 20 <br />Streets and public infrastructure 50 <br />Utility distribution systems 80 <br />The City implemented GASB 51, Accounting and Financial Repo�ting for Intangible Assets <br />effective January 1, 2010, which required the City to capitalize intangible assets. Pursuant to <br />GASB Statement 51, in the case of initial capitalization of intangible assets, the City chose to <br />capitalize intangible assets retroactively to 1980. The City was able to obtain historical costs and <br />estimated fair value of donated intangible assets as of the date of donation for the initial reporting <br />of easements through public works project records. <br />
The URL can be used to link to this page
Your browser does not support the video tag.