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Council adopts updated financial-management policies, raises asset thresholds
Summary
The council approved Resolution 39‑26 updating the city's financial-management policies: the capital asset threshold increases from $5,000 to $10,000, the small/attractive asset threshold rises from $499 to $1,000, firearms are classified as attractive assets, and the biennial GFOA submission requirement was removed.
The West Richland City Council adopted updates to its financial-management policies aimed at reducing administrative workload.
Finance Director Erin Gwynne told the council the recommended updates include raising the capital asset capitalization threshold from $5,000 to $10,000 and increasing the tracked small and attractive asset threshold from $499 to $1,000 to better reflect current costs and reduce tracking of lower‑value items. Erin said the changes align the city with common municipal practice and federal thresholds.
The update also adds a policy that all firearms will be considered attractive assets regardless of cost and removes a provision that required finance staff to submit for the Government Finance Officers Association (GFOA) distinguished budget award every biennium. Staff recommended passage, saying the change would free staff time for core financial operations.
A motion to adopt Resolution 39‑26 was made, seconded and passed by voice vote.
The changes take effect as city policy and will reduce the number of low‑value items subject to formal capitalization and tracking procedures.
