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Portage council approves $1.34 million in claims and adopts asset capitalization policy
Summary
The Portage City Common Council approved $1,339,580.33 in claims and adopted a capitalization policy setting $5,000 and $25,000 thresholds for fixed assets and infrastructure after an auditor request.
The Portage City Common Council approved $1,339,580.33 in claims and adopted a new capitalization policy for city fixed assets at its regular meeting on Oct. 15, 2025.
The actions, taken during the finance and administration portion of the agenda, formalize how the city will record and report capital assets and authorize payment of the claims list presented to the council.
Alderperson Bernander moved to approve claims totaling $1,339,580.33; the motion was seconded and passed on a roll-call vote. The council then considered the capitalization policy, which auditors had requested in a prior audit report.
A presenter identified in the meeting as a staff member summarized the policy changes: “we made a change to any asset with a value of $5,000 that has a useful life of 1 or more years. As far as infrastructure goes, we went to a threshold of 25,000.” Alderperson Schlinkert moved to approve the policy and Alderperson Dunnehy seconded the motion.
President Crowley asked whether the policy would affect the city’s credit rating; the staff member responded, “No.” The policy was adopted by roll call.
The new capitalization rules set the asset recognition threshold at $5,000 for noninfrastructure items and $25,000 for infrastructure, aligning the city’s accounting practices with the auditor’s recommendation and clarifying how multi-year assets will be treated for financial reporting.
