Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Financial Policy topic
No spam. Unsubscribe anytime.
Goodhue County board adopts 2025 financial policies; updates align with GASB guidance
Summary
The board adopted updated county financial policies for 2025, including a higher capital improvement threshold, capitalization guidance aligned to GASB, and an added authorized depository (NCUA).
The Goodhue County Board of Commissioners on Feb. 4 adopted the county—s 2025 financial policies after staff outlined several updates intended to align county practice with recent accounting guidance and local conditions.
Finance staff said the department reviews the county—s financial policies annually. The 2025 update revises the fixed-asset scope and the vehicle and equipment replacement section of the capital planning policy to conform with Governmental Accounting Standards Board guidance about capitalization and aggregation of assets. The capital planning policy—s improvement expenditure threshold was raised from $1,000 to $2,500 to reflect changing costs.
The investment policy was adjusted to add the National Credit Union Administration (NCUA) to the authorized depositories and to clarify permissible investments and collateralization practices in line with Minnesota statute. Staff said periodic board review of financial policies serves as a refresher for commissioners and demonstrates to auditors and rating agencies that the county maintains regular oversight of financial stewardship.
A motion to adopt the policies as presented carried by voice vote with no further discussion; staff will maintain the county—s fixed-asset inventory in the software system that departments use and continue to coordinate with the tech committee on equipment listings.
