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Councilmember introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #99-10-XXX <br /> <br />RESOLUTION ESTABLISHING A CAPITALIZATION THRESHOLD FOR <br />FIXED ASSETS IN THE AMOUNT OF $1000 <br /> <br /> WHEREAS, The City of Ramsey currently lists on its fixed assets schedule all <br />assets without regard to dollar value and estimated useful life; and <br /> <br /> WHEREAS, the recording and depreciating of every asset without regard to <br />monetary value is often more time consuming, costly and difficult to maintain; and <br /> <br /> WHEREAS, a separate list should be prepared at department level to record those <br />assets which are under $1000 and/or have a useful life less than two years, to maintain <br />security and replacement. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1. That Fixed Assets will be capitalized only if they have a monetary <br /> value of $1,000 or greater. <br /> <br />2. That Fixed Assets will be capitalized only if they have an estimated <br /> useful life of two years or more following the date of acquisition. <br /> <br />3. Capitalization thresholds will be applied to individual fixed assets <br /> rather than to groups of fixed assets (ex: tables, chairs). <br /> <br />Assets with a monetary value less than $1,000 and/or an estimated <br />useful life less than two years will be monitored and recorded at the <br />department level to maintain security and replacement. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by <br />Councilmember and upon vote being taken thereof, the following voted in favor <br />thereof: <br /> <br />and the following voted against the same: <br /> <br />and the following abstained: <br /> <br />and the following were absent: <br /> <br /> <br />