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December 0.2000 <br /> WHEREAS,the City Council is to establish the value of fixed assets to be <br /> capitalized as needed;and <br /> WHEREAS,the feed assets capitalisation threshold has not been reviewed for a <br /> considerable period of time;and <br /> WHEREAS,both federal and state governments set their capitalization threshold <br /> for equipment at 55,000.00;and <br /> WHEREAS,the Washington State Office of Financial Management Fixed <br /> Assets Policy 3.2.1.1.5K recognizes that certain'small and attractive assets" <br /> with a unit cost(including sales tax)of less than$5,000.00 may he considered <br /> vulnerable to loss,and therefore should be subject to special property control; <br /> NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE <br /> QTY OF EVEREST that fixed assets shall be controlled as follows: <br /> L The capitalization threshold for fixed assets shall I be cit at 55,000.00. <br /> 2.Assets with a valve Ins than$5,OOO.00 considered to be attractive and <br /> vulnerable to lass will be tagged and subject to an somal inventory,but not <br /> capitalized for financial reporting purposes. <br /> Roll was called with all councJmembers voting yes except Couvcilmember <br /> Gipson who was excused. <br /> Motion carried. <br /> COUNCIL BILL NO.001141 <br /> THIRD AND FINAL READING: <br /> AN ORDINANCE calling for the feed assets rapitatk tier threshold <br /> to be periodically set and reviewed,amending Section 2 of Oediaante <br /> No.1024-84(EMC 2.106.020). <br />