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Commissioners amend procurement policy to allow aggregation of lower‑value items for capitalization under GASB guidance
Summary
Okeechobee County amended its procurement administrative regulation to allow aggregation of lower‑cost purchases for capitalization decisions, following GASB guidance that materiality may be assessed on an aggregate basis rather than strictly by individual item cost.
The Board of County Commissioners unanimously approved an amendment to the county’s procurement/asset policy to permit aggregation of certain lower‑cost items for capital accounting purposes in accordance with guidance from the Governmental Accounting Standards Board (GASB).
Historically the county only capitalized assets that met a fixed per‑item threshold. The…
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