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Scotland Board adopts $10,000 asset-capitalization policy and approves several motions
Summary
At its Dec. 11 meeting the Scotland Board of Selectmen approved a formal asset-capitalization policy that sets a $10,000 threshold for most categories, appointed a library board member, approved LOCIP funding for a Town Hall ramp, and authorized a grant application for invasive-species work.
The Scotland Board of Selectmen on Dec. 11 approved a formal Asset Capitalization Policy that sets a $10,000 minimum capitalization threshold for building and structural improvements, roads and infrastructure, vehicles and equipment, and interior equipment, and states that land and buildings are capitalized regardless of cost. Treasurer David Zito presented the policy to the board and the policy record shows it was approved by the board on Dec. 11, 2024.
The policy establishes that capital assets will be recorded at historical cost and requires retention of invoices for a minimum of…
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