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Roseville council adopts revised capital investment policy; consent agenda items approved
Summary
The council unanimously adopted revisions to the city’s capital investment policy changing capitalization thresholds and adding an asset-life chart. The council also approved consent agenda items including payments of $703,797.97, contracts and ARPA final spending plan; the minutes votes and consent votes are recorded.
The Roseville City Council on April 7 unanimously adopted an amended capital investment policy that raises the per-unit capitalization threshold and adds a chart of useful lives by asset type, and approved consent-agenda items including payments and contracts.
Michelle Petrick, finance director, told the council the changes respond to a reinterpretation of Governmental Accounting Standards Board guidance and a review of peer cities. Petrick said the proposed policy would treat aggregate purchases differently: an aggregate amount threshold of $100,000 would be recognized as a capital asset even when per-unit purchases are under the per-unit threshold, and the per-unit capitalization threshold was raised to $25,000 while retaining a minimum per-unit recognition of $5,000. Petrick said the policy also incorporates the vehicle and equipment useful-life chart the finance department has used on audit reports.
Why it matters: The change…
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