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RESOLUTION NO. 4984 <br /> A RESOLUTION setting the fixed assets capitalization threshold. <br /> WHEREAS, it is important to have a uniform system for control and inventory of fixed <br /> assets; and <br /> WHEREAS,the City Council is to establish the value of fixed assets to be capitalized as <br /> needed; and <br /> WHEREAS,the fixed assets capitalization threshold has not been reviewed for a <br /> considerable period of time; and <br /> WHEREAS,both federal and state governments set their capitalization threshold for <br /> equipment at$5,000; and <br /> WHEREAS,the Washington State Office of Financial Management Fixed Assets Policy <br /> 3.2.1.1.5.k recognizes that certain"small and attractive assets" with a unit cost(including <br /> sales tax) of less than $5,000 may be considered vulnerable to loss, and therefore should <br /> be subject to special property control; <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br /> CITY OF EVERETT that fixed assets shall be controlled as follows. <br /> 1. The capitalization threshold for fixed assets shall be set at$5,000. <br /> 2. Assets with a value less than$5,000 considered to be attractive and vulnerable to loss <br /> will be tagged and subject to an annual inventory, but not capitalized for financial <br /> reporting purposes. <br /> IFI.. -m.er Introducing Resolu 'in <br /> Passed and Approved this 4th da of December , 2000 <br /> Z,432p/e.te& <br /> Counc'i/'resident <br /> resolution fixed assets <br />