A resolution adopting a property inventory threshold for the Town of Deer Trail.
Whereas, pursuant to C.R.S. § 29-1-607(3), the governing bodies of local governments may establish thresholds for capitalization of inventory, so long as any such threshold does not exceed the amount established by the state; and
Whereas, the State Controller, in Chapter 9, Section 1.4.1 of the state Fiscal Procedures Manual has established the lowest capitalization threshold at an original cost of $5,000 per item, except for real property purchases, which are capitalized regardless of cost; and
Whereas, the Board of Trustees has determined it is in the Town's best interest to raise the Town's capitalization threshold from $500 to $5,000.
Now, therefore, be it resolved by the Board of Trustees of the Town of Deer Trail, Colorado:
Section 1.
The Town of Deer Trail shall annually inventory all of its capital facilities and estimate their remaining useful life and replacement cost. This inventory shall include streets, drainage facilities, buildings, parks, water and wastewater systems, sidewalks and curbs, traffic signals, any other personal property items having an original
cost of $5,000 or more, and all real property.
Passed and adopted this fourth day of June 2002.
Beryl H. Rector, Mayor
Town of Deer Trail, Colorado
Attest: Patti K. Owens, Town Clerk