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Sebastian raises capitalization thresholds in financial policies; council approves other housekeeping updates
Summary
The City Council approved updates to the city’s financial policies, including raising fixed‑asset capitalization thresholds to align with peer governments, and other technical changes to reserve and depreciation policy language.
The City Council adopted resolution R‑25‑34 updating the city’s financial policies for fiscal year 2026, including a staff‑recommended increase in capitalization thresholds for fixed assets.
Why it matters: changing capitalization thresholds affects how the city records and depreciates assets on its financial statements and can reduce administrative overhead for low‑cost items while preserving inventory and asset‑tracking processes.
Mister Stewart, the chief financial officer, told the council staff…
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