Title
A Resolution Updating Policies and Procedures for the Control of Capital Assets
Summary
Resolution 14-0174 adopted a policy for the control of capital asset and this policy set a threshold of $5,000. The Financial Services Division is requesting to amend the policy which includes increasing the capital threshold and creating a tiered approach. The proposed policy sets $100,000 threshold for all buildings, building improvements, property improvements and infrastructure; as well as a $15,000 threshold for all vehicles and equipment. There is no established threshold for real property so all acquisition and sales of real property will be approved by council resolution. It is requested that these new thresholds are effective on October 1, 2025.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
____ Not budgeted requiring increase to account #___________ in the amount of $____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital - Departmental **Capital Purchase Worksheet form must be attached**
____ Budgeted under account #______________ for $_________ and described in budget as ________________________. Additional amount needed, if any: Increase in budget of $_________ OR, transfer of $________ from Account #____________ to Account #_____________**Request to Increase OR Request toTransfer Departmental Budget Dollars form must be attached**
____ Not Budgeted - account #____________ requires budget increase of $_____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital Project - **If requesting to start a project, a Capital Project Worksheet form must be attached**
In current year Capital Projects Plan:
_____ Yes, described as __________________________, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________.
_____ Yes, requesting an increase of $___________ to an already approved project titled ________________________ that is being tracked under Account No. ___________________.
_____ No, requesting an increase of $__________ to an already approved project titled _______________________ that is being tracked under Account No. _________________.
Body
WHEREAS, Resolution 14-0174 adopted a policy and procedures for the control of capital assets and,
WHEREAS, the Financial Services Division is request to amend the policy to create a tiered capital threshold.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: The City Council approves the updated Capital & Small Attractive Asset Policy and Procedures that is attached and made a part of this resolution.
SECTION 2: Establishes a capital threshold of $100,000 for all buildings, building improvements, property improvements and infrastructure; as well as a $15,000 threshold for all vehicles and equipment. Both thresholds are effective beginning Fiscal Year 2026.
SECTION 3: This Resolution shall become effective immediately upon its adoption as required by law.