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Dell Rapids council adopts new policy to group and capitalize similar low‑cost purchases under GASB guidance
Summary
Council approved a change to the city—s capitalization policy to allow aggregation of similar, low‑cost purchases for capitalization when the group—s total exceeds 1% of a fund—s approved capital program budget, aligning the city with recent GASB implementation guidance.
The Dell Rapids City Council on June 16 approved a revision to the city—s capitalization policy that allows the city to treat similar low‑cost purchases as a group and capitalize them when the group—s aggregate value exceeds 1% of the fund—s approved capital program budget.
Claire, the city finance officer, told the council the change responds to a Governmental Accounting Standards Board implementation guide and corrects how the city accounts for multiple purchases that are individually under the $5,000 capitalization threshold. "Group assets will be capitalized if their aggregate value exceeds 1% of the total…
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