332.2008
RESOLUTION ESTABLISHING CAPITAL ASSET POLICY
RESOLUTION NO.: 332, 2008
INTRODUCED BY: Mr. John Strough
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Anthony Metivier
WHEREAS, in 1999, members of the Governmental Accounting Standards Board (GASB)
approved the issuance of GASB No. 34, “Basic Financial Statements and Management’s Discussion
and Analysis for Local Governments” which sets forth changes in how state and local governments
report their finances to the public, and
WHEREAS, GASB No. 34 mandates that municipalities adopt a Capital Asset Policy,
which Policy governs municipalities toward capital assets, formerly known as fixed assets, and
WHEREAS, the Town of Queensbury currently has no such formal Capital Asset Policy in
place and therefore the Town Board wishes to establish such Policy to comply with GASB No. 34,
and
WHEREAS, a proposed Capital Asset Policy has been presented at this meeting and is in
form acceptable to Town Counsel and the Town Budget Officer,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby establishes a Capital Asset Policy
to correspond to the implementation of the reporting standards in accordance with GASB Statement
No. 34, such Capital Asset Policy substantially in the form presented at this meeting, and
BE IT FURTHER,
RESOLVED, that the Queensbury Town Board hereby authorizes and directs the Town
Supervisor and/or Town Budget Officer to circulate and distribute this Policy to all Town
Department Managers and take any actions necessary to effectuate the terms of this Resolution
and Policy.
th
Duly adopted this 7 day of July, 2008, by the following vote:
AYES : Mr. Strough, Mr. Brewer, Mr. Stec, Mr. Metivier, Mr. Montesi
NOES : None
ABSENT: None