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Commission adopts updated capital asset policy, raises threshold to $10,000
Summary
Gallatin County commissioners adopted a revised capital asset policy April 8 that raises the county's capitalization threshold from $5,000 to $10,000 and updates lease accounting to align with recent GASB guidance; the policy will be applied retroactively to July 1.
The Gallatin County Commission on April 8 adopted an updated capital asset policy to align county accounting with recent Governmental Accounting Standards Board (GASB) guidance.
Chief Financial Officer Justine Swanson told the commission the primary change raises the county’s capitalization threshold from $5,000 to $10,000 and clarifies treatment of…
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