Information

Type: Deliberation

Department: AUD - Auditor

Directors' Update: Nov. 30, 2022

Business Meeting: Dec. 6, 2022

Summary:

Updating and adopting Capital Asset Policy to account for new Governmental Accounting Standards Board (GASB) Statement 87 lease standard

Publications:

Cover Letter To:

Additional Copies To: Larry Grove, Grace Jimenez, and Becky Butler.

Resolution

WHEREAS, Resolution No. 10-325 established capitalization thresholds for assets purchased by Lewis County; and

WHEREAS, the Governmental Accounting Standard Board (GASB) Statement No. 87 set forth guidance for the capitalization of leased tangible assets that Lewis County must implement and include in the 2022 Annual Financial Report; and

WHEREAS, Lewis County's capital asset policy must be updated to include the new GASB guidance and a capitalization threshold for leased assets.

NOW THEREFORE BE IT RESOLVED that the Board of County Commissioners adopts the new capital asset policy to include a capitalization threshold of $5,000 for leased equipment.

DONE IN OPEN SESSION this 6th day of December, 2022.