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RESOLUTION NO. 136-2008
APPROVING THE FINANCE POLICY FOR FIXED
ASSET CAPITALIZATION AND INVENTORY CONTROL
WHEREAS, the Town's Fixed Asset Policy was written prior to 1998; and
WHEREAS, substantial changes to fixed asset reporting requirements were introduced
with Statement 34 of the Governmental Accounting Standards Board (GASB); and
WHEREAS, the Town implemented the changes required by GASB 34 in FY 2001-02; and
WHEREAS, the Town wishes to update the capitalization threshold to a cost effective level
as recommended by the Government Finance Officers Association; now, therefore be it
RESOLVED, that the Danville Town Council hereby adopts the Finance Policy for Fixed
Asset Capitalization and Inventory Control.
APPROVED by the Danville Town Council at a regular meeting on November 18, 2008
by the following vote:
AYES: Andersen, Arnerich, Doyle, Shimansky, Stepper
NOES: None
ABSTAINED: None
ABSENT: None
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