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Shrewsbury board adopts higher threshold for fixed assets, modernizes language
Summary
The Board of Aldermen approved a resolution raising the city's fixed-asset capitalization threshold and updating dated terminology; officials said the change will reduce paperwork on low-value items and be reflected in the next audit.
The City of Shrewsbury Board of Aldermen on a unanimous vote approved a resolution to increase the city's fixed-asset capitalization threshold and modernize related terminology in the policy.
City staff said the current policy classifies any purchase above $500 as a fixed asset and that raising the threshold to $5,000 would prevent small-dollar items such as chairs and copy-machine supplies from being treated…
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