445.2003
RESOLUTION ESTABLISHING INVENTORY CONTROL AND
CAPITALIZATION POLICY
RESOLUTION NO.: 445, 2003
INTRODUCED BY: Mr. Daniel Stec
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Tim Brewer
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, the Town of Queensbury currently has no formal policy in place regarding
inventory control and capitalization of assets, and
WHEREAS, the Town Comptroller and Accountant have recommended that the Town
Board authorize the establishment of an Inventory Control and Capitalization Policy to correspond
to the implementation of new reporting standards in accordance with GASB Statement 34, and
WHEREAS, the Town Board concurs with such recommendation and wishes to establish
such Policy,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby establishes an Inventory Control
and Capitalization Policy to correspond to the implementation of new reporting standards in
accordance with GASB Statement 34 as follows:
Inventory Control and Capitalization Policy
Property
Category Control
Code Inventory* Capitalized**
EL
Election Machinery All 10000
IT
Information Technology Equipment 500 10000
OE
Office Equipment 2500 10000
OF
Office Furniture 2500 10000
RD
Radio Communications Equipment 2500 10000
TL
Tools 2500 10000
VP
Vehicle Accessory 2500 10000
VE
Tractors & Other Maintenance Vehicles 2500 10000
VM
Vehicles, Misc 2500 10000
VP
Vehicle, Passenger 2500 10000
VR
Road Use Maintenance Vehicle 2500 10000
XM
Miscellaneous Equipment 2500 10000
XL
Leased Equipment All N/A
* Cost per individual unit together with attached, non-modular
accessories.
All equipment with a cost or market value at or exceeding the
listed amount
will be recorded in the Property Control Inventory system.
** Cost per individual unit together with attached, non-modual
accessories.
All equipment with a cost or market value at or exceeding the
listed amount will be
accounted for as a depreciable capital asset according to
current GASB guidelines.
and
BE IT FURTHER,
RESOLVED, that the Queensbury Town Board hereby authorizes and directs the Town
Supervisor and/or Town Comptroller to circulate and distribute this Policy to all Town
Departments and add the Policy to the Employee Handbook.
th
Duly adopted this 6 day of October, 2003, by the following vote:
AYES: Mr. Stec, Mr. Brewer, Mr. Brower, Mr. Boor, Mr. Turner
NOES: None
ABSENT:None