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Commerce council adopts formal capital asset policy
Summary
The City of Commerce council voted to amend its financial policies to add a formal capital asset policy setting a $5,000 capitalization threshold and a five-year minimum life expectancy, following an auditor recommendation.
The City of Commerce City Council voted to amend its financial policies to include a formal capital asset policy, specifying a $5,000 capitalization threshold and a minimum five-year useful life.
Assistant City Manager for Financial Services Miss Campbell told the council the change was requested by the city's new auditors so the council would have a formally adopted threshold to…
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