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Council adopts updated fixed capital asset policy to align with GAAP and GASB
City Council of Mineral Wells, Texas · December 3, 2025
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Summary
Council unanimously adopted a revised fixed capital asset policy that clarifies asset classifications, capitalization thresholds and inventory requirements; staff said about 70 assets and over $2 million in land have been added to FY25 financials under the policy.
The City Council adopted an updated fixed/capital asset policy intended to align the city's financial procedures with GAAP and GASB standards.
Finance staff (Speaker 10) summarized the policy's scope: definitions and classifications of capital assets,…
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