Title
A Resolution Adopting Policies and Procedures for the Control of Capital Assets
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Finance Division: The Attached Capital and Small & Attractive Asset Policy and Procedures was developed per Resolution No. 4916-12. The purpose of the Policy is to ensure adequate control and accountability of capital and small attractive assets.
SOURCE OF FUNDING:
Please provide the amount requested: N/A
Is this a budgeted item? Yes /No
Please provide the budgeted amount: $_____________ Account No. ___________________________
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
WHEREAS, Resolution 4916-12 approved the development of a Capital Asset Management Policies and Procedures manual in accordance with Generally Accepted Accounting Principles (GAAP).
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: The City Council approves the Capital and Small Attractive Asset Policy and Procedures that is attached and made a part of this resolution.
SECTION 2: The significant change from past practice is the increase of the dollar value threshold for capital assets from $1,000 to $5,000 in conformity with GAAP and other municipalities in the region, and the establishment of a threshold of $100,000 for easements, both effective beginning Fiscal Year 2015.
SECTION 3: The procedures contained in the document will be reviewed and updated as needed by the Finance Manager.
SECTION 4: Changes to policies contained in the document, including those mandated by the Governmental Accounting Standards Board or Federal, State or Local Laws, will be reaffirmed by Council.
SECTION 5: This Resolution shall become effective immediately upon its adoption as required by law.