Ordinance 2490-00 - Laserfiche WebLink

Y 4 0 00111W Iii0i .v.....000, vitigi ORDINANCE NO. 2490-00 AN ORDINANCE calling for the fixed assets capitalization threshold to be periodically set and reviewed, amending Section 2 of Ordinance No. 1024-84 (EMC 2.106.020) WHEREAS,the City needs to periodically review and update the threshold for the capitalization of fixed assets; and WHEREAS, there is no defined time frame within which to conduct this review since it is contingent upon a number of factors including the state of the economy and inflation; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1: Section 2 of Ordinance No. 1024-84 (EMC 2.106.020), which reads as follows: All items assigned to the City departments with an estimated service life of more than one year and a value which shall be set and reviewed annually by Council shall be capitalized and inventoried. Be and the same is hereby amended to read as follows: All fixed assets assigned to City departments with an estimated service life of more than one year and a value established by Council shall be capitalized and inventoried. Council shall review and establish by resolution the threshold for the capitalization of fixed assets. This review shall occur upon the recommendation of the Finance Director but in no event less than once every five (5) years. Section 2: The City Council hereby declares that should any section, paragraph, sentence, clause or phrase of this ordinance be declared invalid for any reason, it is the intent of the City Council that it would have passed all portions of this ordinance independent of the elimination herefrom of any such portion as may be declared invalid.