Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Assets topic
No spam. Unsubscribe anytime.
Board of Finance backs raising city fixed-asset threshold to $10,000
Summary
The Torrington Board of Finance was informed and then moved to accept an update to the city's capital asset policy raising the capitalization threshold from $1,000 to $10,000.
The Torrington Board of Finance on June 17 received and approved an update to the city's capital asset accounting policy that raises the fixed-asset capitalization threshold from $1,000 to $10,000.
Finance staff said the change reflects higher acquisition costs and aligns the city's internal practice with the charter's threshold for capital purchases that must be competitively procured. Olivia (Finance) told the board that a $1,000 threshold no longer reflects the cost of many durable items and complicates inventory and audit work.
The chair said the change was offered for board awareness and that staff would implement the new threshold. A board member moved to accept the recommendation; the motion carried on a voice vote.
