To: Dale K. Weighill, Governmental Operations Committee Chairperson
From: Chrystal Simpson, Chief Financial Officer
title
RE: Updated Capital Assets Policy
recommendation
BOARD ACTION REQUESTED:
Approve the updated Capital Assets Policy
BACKGROUND:
The Capital Assets Policy was last updated several years ago and was lacking key components related to thresholds for grant related purchases, depreciation method to be used, estimated useful lives, and how significant aggregate purchases would be handled.
DISCUSSION:
The items added to the policy related to the following: lower thresholds if required by granting agencies, the depreciation method of straight-line and estimated useful lives by asset class, and how significant aggregate purchases would be handled even when individual asset purchases may fall below the individual threshold.
IMPACT ON HUMAN RESOURCES:
N/A-Nothing in this policy affects HR.
IMPACT ON BUDGET:
N/A-There is not cost related to changing this policy.
IMPACT ON FACILITIES:
N/A-Nothing in this policy affects facilities.
IMPACT ON TECHNOLOGY:
N/A-Nothing in this policy affects technology.
CONFORMITY TO COUNTY PRIORITIES:
Adopting this policy that is consistent with the Governmental Accounting Standards Board allows for the proper tracking of all capital assets owned by the County and aligns with the Long-Term Financial Stability priority.
resolution
TO THE HONORABLE CHAIRPERSON AND MEMBERS OF THE GENESEE COUNTY BOARD OF COMMISSIONERS, GENESEE COUNTY, MICHIGAN
LADIES AND GENTLEMEN:
BE IT RESOLVED, by this Board of County Commissioners of Genesee County, Michigan, that the request by the Chief Financial Officer to authorize approval of an updated Capital Asset Policy is approved (a copy of the memorandum request and supporting documentation being on file with the official records of the July 17, 2024 meeting of the Governmental Operations Committee of the Board).