Title
RESOLUTION NO. 25R-03-51: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LAUDERHILL, FLORIDA, ACCEPTING THE RECOMMENDATION OF BEST PRACTICE FROM THE GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA) AND APPROVING THE REVISED CAPITALIZATION POLICY TO INCREASE THE CITY’S CAPITALIZATION THRESHOLD FOR CAPITAL ASSESTS FROM $1,000 TO $5,000; AND PROVIDING FOR AN EFFECTIVE DATE (REQUESTED BY INTERIM CITY MANAGER KENNIE HOBBS, JR).
Body
Request Action:
The City of Lauderhill hereby accepts the recommendation of Best Practice from the Government Finance Officer's Association (GFOA) and approves the revised Capitalization Policy to increase the City's capitalization threshold for capital assets from $1,000.00 to $5,000.00
Need Summary Explanation/ Background:
Establish minimum cost and useful life based threshold to avoid the cost of capitalizing immaterial items and establish a minimum capitalization threshold of $5,000.00.
Cost Summary/ Fiscal Impact:
NA
Attachments:
1). GFOA Best Practice
2). City Survey
Budget Code Number(s): __________________________________
Procurement Information: [check all that apply]
[ ] RFP/Bid [ ] Emergency Purchase [ ] SBE
[ ] Proposal/Quote [ ] State Grant Funds [ ] Local Preference
[ ] Piggyback Contract [ ] Federal Grant Funds
[ ] Sole Source [ ] Matching Required