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South Lyon council adopts $10,000 fixed-asset capitalization policy
Summary
The council voted to replace an internal $2,500 capitalization threshold with a formal $10,000 policy aligned with GASB guidance; motion carried by roll call vote.
A city staff member presented and the South Lyon City Council on March 24 approved a formal fixed-asset capitalization policy that raises the capitalization threshold from the city’s prior internal guidance of $2,500 to $10,000, officials said.
The change, presented by a city staff member responsible for the policy review, follows recommendations from the city’s auditors, Plante Moran, and guidance from the Governmental Accounting Standards Board (GASB). The presenter said the new threshold is intended to align South Lyon’s accounting practices with common municipal standards and reduce the number of low-value items carried as assets on the…
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