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TOWN OF TRUCKEE <br /> California <br /> <br /> RESOLUTION NO. 2003-08 <br /> <br /> A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TRUCKEE <br /> REVISING THE CAPITALIZATION THRESHOLD TO $5,000 FOR TANGIBLE <br /> CAPITAL ASSETS PURCHASED AFTER JULY '1, 2002 <br /> <br />WHEREAS, the Town of Truckee wishes to maintain its policy of tracking all capital <br />assets from acquisition through their final disposition to allow for the proper accounting <br />of depreciation, to provide data for financial reporting, comply with audit requirements, <br />provide information for insurance purposes, and allow for the management of fixed <br />assets; and <br />WHEREAS, the Town of Truckee wishes to record all tangible capital assets purchased <br />in accordance with recommendations by the Government Finance Officers Association <br />(GFOA); and <br />WHEREAS, the GFOA recommends the establishment of a capitalization threshold of <br />$5,000.00 for capital assets; and <br /> <br /> WHEREAS, the Town of Truckee currently has an established capitalization threshold <br /> of $300 for capital assets. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN <br /> OF TRUCKEE that the capitalization threshold of $5,000 be established for all tangible <br /> capital assets purchased after July 1,2002. <br /> <br /> The foregoing Resolution was introduced at a Regular Meeting of the Truckee Town <br /> Council, held on the 20th day of March, 2003 and adopted by the following vote: <br /> <br /> AYES:Vice Mayor Susman, Councilmembers Florian, Ingalls, Threshie and <br /> Mayor Owens. <br /> <br /> NOES: None <br /> <br /> ABSENT: None <br /> <br /> Ted Owens, Mayor <br /> Pa~Osborne, CMC, Town Clerk <br /> <br /> <br />