Summary
To: Town Commission
From: Gay Lancaster, Town Manager
Date: 10/4/2024
______________________________________________________________________
Subject: Removal of Assets from Accounting Records
Summary:
Request approval to remove from accounting records certain assets with an original asset value of less than $5,000, items that are unlocatable, and items that have been sold/traded-in as of FY2024.
Background/Problem Discussion:
To be considered a fixed/capital asset for accounting purposes, an item must have a value of $5,000 and a useful life of at least one year. Upon review of the asset records, staff noted that there were items with an original asset value of less than $5,000. Also, in a few cases, there were items recorded as assets that did not meet the definition of a capital asset and should not have been recorded as such. In addition, there are two items that are unlocatable, as wells as capital assets that have been sold or traded-in during the FY 24 fiscal year.
Expenditure Challenges: N/A
Financial Implications: The proposed changes to the accounting records will not have significant financial implications.
Recommendation: Staff recommends approval of the removal of these items from the capital asset records.
Proposed Motion: I move approval to remove the listed items from the Town’s capital asset records.