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Category 1: Public Information <br />RESOLUTION NO. ______________ <br />A RESOLUTION setting capital asset capitalization thresholds <br />WHEREAS, <br />1.It is important to have a uniform system for control and inventory of capital assets; and <br />2.The City Council is to establish the value of capital assets to be capitalized as needed; and <br />3.The capital assets capitalization threshold has not been reviewed for a considerable period; and <br />4.The federal uniform guidance threshold for determining items that are considered equipment is <br />now $10,000; and <br />5.The Washington State Auditor’s Office and generally accepted best practices recognize that <br />certain "small and attractive assets" with a unit cost (including sales tax) of less than the <br />government’s capitalization threshold may be considered vulnerable to loss, and therefore <br />should be subject to special property control; <br />NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND EVERETT CITY COUNCIL THAT: <br />Capital assets shall be controlled as follows. <br />1.Capital assets that have an expected useful life of at least two years and a value at or above the <br />threshold listed below by general asset category will be capitalized. <br />ASSET CATEGORY THRESHOLD <br />Land no minimum <br />Buildings and Building Improvements 100,000$ <br />Improvements Other Than Buildings 100,000$ <br />Infrastructure 300,000$ <br />Machinery and Equipment - individual purchases 10,000$ <br />Intangible Assets 100,000$ <br />Aggregate Asset Purchases - annual cost 100,000$ <br />Library Books - annual aggregate cost 100,000$ <br />8107